This text of New Mexico § 22-11-37 (Disability benefit) 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.
A. The annual disability benefit shall be equal to two percent of the member's average annual salary multiplied by the number of years of the member's total service- credit if the result is greater than one-third of the member's average annual salary. If the result of that formula is less than one-third of the member's average annual salary, the annual disability benefit shall be equal to the lesser of the following amounts:
(1)two percent of the member's average annual salary multiplied by the sum of the member's total service-credit plus the number of years, calculated to the nearest completed quarter, from the effective date of the member's disability to the member's sixtieth birthday; or (2) one-third of the member's average annual salary. B. A member's average annual salary for the p
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A. The annual disability benefit shall be equal to two percent of the member's average annual salary multiplied by the number of years of the member's total service- credit if the result is greater than one-third of the member's average annual salary. If the result of that formula is less than one-third of the member's average annual salary, the annual disability benefit shall be equal to the lesser of the following amounts: (1) two percent of the member's average annual salary multiplied by the sum of the member's total service-credit plus the number of years, calculated to the nearest completed quarter, from the effective date of the member's disability to the member's sixtieth birthday; or (2) one-third of the member's average annual salary. B. A member's average annual salary for the purpose of computing disability benefits shall be the average salary for the last five years of employment or for any other consecutive five-year period for which contribution was made by the member, whichever is higher. C. The annual disability benefit shall be paid in equal monthly installments.