New Mexico § 10-12C-9 Amount of pension

New Mexico Statutes

§ 10-12C-9 — Amount of pension

New Mexico § 10-12C-9

Ch. 10Public Officers and Employees

Art. 12CMagistrate Retirement

This text of New Mexico § 10-12C-9 (Amount of pension) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 10-12C-9 (2026).

Text

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 recevied during last year in office prior to retirement X .05 X (number of years of service, not exceeding fifteen years, plus five years); and (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 pen

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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 recevied during last year in office prior to retirement X .05 X (number of years of service, not exceeding fifteen years, plus five years); and (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.