Section 10-11-55.3 - Municipal general member coverage plan 3; amount of pension; form of payment AUnder municipal general member coverage plan 3:
A. for a member with age and service requirements provided under Subsection A of Section 10-11-55.2 NMSA 1978, the amount of pension under form of payment A is equal to three percent of the final average salary multiplied by credited service. The amount shall not exceed one hundred percent of the final average salary; andB. for a member with age and service requirements provided under Subsection B of Section 10-11-55.2 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 credited service. The amount shall not exceed one hundred percent of the final average salary.1978 Comp., § 10-11-55.3, enacted by Laws 1993, ch. 58, § 3; 2013, ch. 225, § 40.Amended by 2023, c. 53,s. 6, eff. 6/13/2023.Amended by 2013, c. 225,s. 40, eff. 7/1/2013.