Section 10-11-26.3 - State general member coverage plan 3; amount of pension; form of payment AUnder state general member coverage plan 3:
A. for a member with age and service requirements provided under Paragraph (1) or (3) of Subsection A of Section 10-11-26.2 NMSA 1978, the amount of pension under form of payment A is equal to three percent of final average salary multiplied by service credit. The amount shall not exceed one hundred percent of the final average salary; andB. for a member with age and service requirements provided under Paragraph (2) of Subsection A of Section 10-11-26.2 NMSA 1978, the amount of pension under form of payment A is equal to two and one-half percent of the final average salary multiplied by service credit. The amount shall not exceed one hundred percent of the final average salary.Laws 1994, ch. 128, § 4; 2013, ch. 225, § 11.Amended by 2023, c. 53,s. 1, eff. 6/13/2023.Amended by 2013, c. 225,s. 11, eff. 7/1/2013.