A. For a magistrate who was a member on June 30, 2014, the monthly pension is an amount equal to the sum of:
(1) for service credit earned on or before June 30, 2014, the amount is equal to one-twelfth of:
seventy-five percent of salary received during last year in office prior to retirement X .05 X (number of years of service, not exceeding fifteen years, plus five years); and
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(2) for service credit earned on and after July 1, 2014, an amount equal to one-sixtieth of the greatest aggregate amount of salary received for sixty consecutive, but not necessarily continuous, months in office multiplied by the product of three and one-half percent times the sum of the number of years of service.
B. For a magistrate who initially became a member on or after July 1, 2014, the amount of monthly pension is equal to one-sixtieth of the greatest aggregate amount of salary received for sixty consecutive, but not necessarily continuous, months in office multiplied by the product of three percent times the sum of the number of years of service.
C. The amount of monthly pension under form of payment A for a pension calculated pursuant to Subsection B of this section shall not exceed eighty-five percent of one-sixtieth of the greatest aggregate amount of salary received for sixty consecutive, but not necessarily continuous, months prior to the member leaving office.
D. The amount of monthly pension payable for a pension calculated pursuant to Subsection A of this section shall not exceed eighty-five percent of one-sixtieth of the greatest aggregate amount of salary received for sixty consecutive, but not necessarily continuous, months prior to the member leaving office. A pension benefit determined pursuant to this subsection shall not be less than the benefit earned as of June 30, 2014.
HISTORY:
Laws 1992, ch. 118, § 9; 2014, ch. 39, § 6; 2014, ch. 43, § 6.
Amendment Notes.
The 2014 amendments. Laws 2014, ch. 39, § 6, and Laws 2014, ch. 43, § 6, both effective July 1, 2014, enacted identical amendments to this section. The section is set out as amended by Laws 2014, ch. 43, § 6. See 12-1-8 NMSA 1978. The 2014 amendment rewrote the section.
Severability.
As to severability, see the 2014 note under § 10-12C-2.