Legislative pension bill sent to NM governor

Posted at: 03/18/2013 8:11 AM
By: The Associated Press

SANTA FE, N.M. (AP) - 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.

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