Legislative Pension Bill Sent To NM Governor
Some lawmakers will have another chance to enroll in a state pension program under legislation sent to Gov. Susana Martinez.
Republican Leader Stuart Ingle of Portales says the bill helps ex-lawmakers and current members who missed previous deadlines for joining the retirement system.
The measure was among bills approved during a 60-day legislative session ending Saturday. The governor has until April 5 to sign or veto legislation.
The pension proposal would require lawmakers to contribute an extra $100 annually into their retirement plan — for a total of $700. About $2.4 million in tax revenue flows into the pension fund annually.
A law enacted last year raised legislator annual contributions to $600 from $500.
A legislator currently could receive a pension of nearly $10,200 upon retirement after serving 10 years.
Copyright 2013 The Associated Press.