A. Any member who initially became a member prior to July 1, 2005 and has not less than eighteen years of service credit may elect to retire at any time between age fifty and age sixty and receive a monthly pension that is one-twelfth of the following formula:
Salary received during the last full year in office prior to retirement
X.7 + (.005 X
Number of years between age fifty and the age at retirement).
B. The provisions of the Public Employees Retirement Reciprocity Act [Chapter 10, Article 13A NMSA 1978] and the provisions of the Judicial Retirement Act regarding cost-of-living adjustments shall apply to the provisions of this section.
History: Laws 1992, ch. 111, § 12; 2005, ch. 246, § 5.
The 2005 amendment, effective June 17, 2005, provided the monthly early retirement pension of a member who initially became a member prior to July 1, 2005 in Subsection A.
Structure 2021 New Mexico Statutes
Chapter 10 - Public Officers and Employees
Article 12B - Judicial Retirement
Section 10-12B-1 - Short title.
Section 10-12B-2 - Definitions.
Section 10-12B-3 - Judicial retirement fund established; administration of fund; accounting funds.
Section 10-12B-4 - Membership.
Section 10-12B-6 - Refund of contributions.
Section 10-12B-8 - Age and service credit requirements for normal retirement.
Section 10-12B-9 - Amount of pension.
Section 10-12B-10 - Member contributions; tax treatment.
Section 10-12B-11 - Employer contributions.
Section 10-12B-12 - Early retirement.
Section 10-12B-13 - Disability retirement pension.
Section 10-12B-14 - Survivor's pension.
Section 10-12B-14.1 - Election form of pension.
Section 10-12B-14.2 - Form of pension payment.
Section 10-12B-14.3 - Death before retirement; survivor pension.
Section 10-12B-15 - Cost-of-living adjustment.
Section 10-12B-16 - Group insurance; continuation.
Section 10-12B-17 - Suspension or forfeiture of benefits.
Section 10-12B-18 - Adjustment of pension.
Section 10-12B-19 - Corrections of errors and omissions; estoppel.