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Fri November 8, 2013
Minimum Retirement Age For Lawmakers Proposed
A legislative panel has endorsed a proposal to establish a minimum retirement age for New Mexico legislators to receive a taxpayer-funded pension.
A proposal by Sen. Jacob Candelaria, a first-term Albuquerque Democrat, would require a lawmaker to reach at least age 55 before collecting pension benefits after leaving office.
Under current law, legislators can receive retirement benefits at any age after leaving office provided they've served 10 years. They can collect retirement benefits at 65 if they were in office for five years.
The Legislature's Investments and Pension Oversight Committee endorsed Candelaria's measure on Thursday, agreeing to introduce it in the legislative session that convenes in January.
Candelaria said the minimum retirement age would apply to future lawmakers and only those current members who haven't served at least five years.
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