Chapter 10 — Chapter 10

declining increase. A. As used in this section: (1) "cost-of-living adjustment hurdle rate" means the investment rate of return required to fund a cost-of-living adjustment in excess of one-half percent, as determined by the association's actuaries; (2) "funded ratio" means the r…

A. If payment of a pension or other retirement benefit causes a decrease in the amount of monetary payments or other needs-based benefits due to a payee from any other governmental agency, the pension or other retirement benefit shall be reduced for the period during which the pe…

A. A normal or disability pension shall commence the first day of the month following retirement. A preretirement survivor pension shall commence the first day of the month following the date of the death resulting in the pension. A postretirement survivor pension shall commence …

disability retirement. A. The membership status of a disability retired member following termination of the disability retirement pension shall be governed by the membership provisions of the Public Employees Retirement Act. Upon reacquisition of membership, the credited service …

A. A benefit claimant shall be notified in writing of a denial of a claim for benefits within thirty days of the denial. The notification shall give the reason for the denial. A claimant may appeal the denial and request a hearing. The appeal shall be in writing filed with the as…

insurance. A. Any member or survivor pension beneficiary may continue to be insured under the provisions of any affiliated public employer's group health insurance plan in effect at the time of retirement or death or under the terms of any separate subsequent group health insuran…

A. A public employer who is an affiliated public employer on the effective date of the Public Employees Retirement Act shall continue to be an affiliated public employer. B. A public employer who is not an affiliated public employer on the effective date of the Public Employees R…

A. The accounting funds of the association are the "member contribution fund", "employers accumulation fund", "retirement reserve fund" and "income fund". The maintenance of separate accounting funds shall not require the actual segregation of the assets of the association among …

A. The member contribution fund is the accounting fund in which shall be accumulated contributions of members and from which shall be made refunds and transfers of accumulated member contributions as provided in the Public Employees Retirement Act. Each affiliated public employer…

Upon implementation, each affiliated public employer shall, solely for the purpose of compliance with Section 414(h) of the Internal Revenue Code, pick up, for the purposes specified in that section, member contributions required by the Public Employees Retirement Act for all sal…

transfers to retirement reserve fund. A. The employers accumulation fund is the fund in which shall be accumulated contributions by affiliated public employers. Except as provided in Section 5 [10-11-5 NMSA 1978] of the Public Employees Retirement Act, an affiliated public employ…

The retirement reserve fund is the fund from which shall be paid all pensions to retired members and survivor pension beneficiaries and all residual refunds to refund beneficiaries of retired members and survivor pension beneficiaries. History: Laws 1987, ch. 253, § 127.

The income fund is the fund to which shall be credited all interest, dividends, rents and other income from investments of the association, all gifts and bequests, all unclaimed member contributions and all other money the disposition of which is not specifically provided for in …

The association shall at least annually distribute all or a portion of the balance in the income fund to the member contribution fund, the retirement reserve fund and the employer accumulation fund. Distribution rates shall be determined by the retirement board and may vary by fu…

The "legislative retirement fund" is created in the state treasury. The fund shall consist of money distributed, transferred or otherwise accruing to the fund. Money in the fund may be appropriated by the legislature to finance state legislator member coverage plan 2 pursuant to …

A. The "retirement board" is created and is the trustee of the association and the funds created by the state retirement system acts and has all the powers necessary or convenient to carry out and effectuate the purposes and provisions of the state retirement system acts, includi…

campaign contributions; required reporting. A. Members of the retirement board and employees of the association shall comply with the provisions of the Gift Act [Chapter 10, Article 16B NMSA 1978]. B. No person who is a candidate in a primary or general election for a position th…

A. The retirement board shall elect from its own number a chairman and a vice chairman. B. The retirement board shall appoint an executive director who shall be the chief administrative officer for the retirement board and the association. C. The retirement board shall employ pro…

indemnification of board members. The funds created by the state retirement system acts are trust funds of which the retirement board is trustee. Members of the retirement board jointly and individually shall be indemnified by the state from the funds administered by the retireme…

conditions. A. Commissions paid for the purchase and sale of any security shall not exceed brokerage rates prescribed and approved by stock exchanges that have been approved by or are under the control of the United States securities and exchange commission or by industry practic…

A. The retirement board shall not make any investment, other than investments in publicly traded equities or publicly traded fixed-income securities, unless the recipient of the investment discloses the identity of any third-party marketer who rendered services on behalf of the r…

A. The pensions being paid from the survivor benefit fund on June 30, 1987 shall thereafter be paid from the retirement reserve fund. B. The actuarial present value of pensions being paid from the survivor benefit fund on June 30, 1987 shall be transferred from the survivor benef…

Except as provided in Sections 10-11-136 and 10-11-136.1 NMSA 1978, none of the money, pensions or other benefits mentioned in the Public Employees Retirement Act shall be assignable either in law or in equity or be subject to execution, levy, attachment, garnishment or other leg…

A court of competent jurisdiction, solely for the purposes of effecting a division of community property in a divorce or legal separation proceeding, may provide by appropriate order for a determination and division of a community interest in the pensions or other benefits provid…

A court of competent jurisdiction, solely for the purposes of enforcing current or delinquent child support obligations, may provide by appropriate order for withholding amounts due in satisfaction of current or delinquent child support obligations from the pensions or other bene…

None of the laws of this state regulating insurance or insurance companies or banking institutions shall apply to the association. History: Laws 1987, ch. 253, § 137.

The retirement board is authorized and empowered to receive donations, gifts and bequests and credit them to the income fund. History: Laws 1987, ch. 253, § 138.

ANNOTATIONS Repeals. — Laws 1993, ch. 29, § 2 repealed 10-11-139 NMSA 1978, as enacted by Laws 1987, ch. 176, § 1, relating to the applicability of definitions, effective June 18, 1993. For provisions of former section, see the 1992 NMSA 1978 on NMOneSource.com.

A. A survivor pension may be paid to certain persons related to or designated by a member who dies before normal or disability retirement if a written application for the pension, in the form prescribed by the association, is filed with the association by the potential survivor b…

Under the Public Employees Retirement Act: A. for a member who was a member on June 30, 2013, the final average salary is one thirty-sixth of the greatest aggregate amount of salary paid a member for thirty-six consecutive, but not necessarily continuous, months of service credit…

ANNOTATIONS Repeals. — Laws 1989, ch. 80, § 2 repealed 10-11-140 NMSA 1978, as amended by Laws 1988, ch. 110, § 1, relating to purchase of service credit, effective July 1, 1992.

An affiliated public employer that assumes a firefighting function previously provided by the United States department of energy may, at the time of the assumption of the firefighting function, provide credited service for retirement board purposes to any employees who were previ…

The association shall give written notice, to the member's last known address of record, to a member when: A. the member meets the minimum age and service requirements for normal retirement pursuant to the coverage plan applicable to the member; or B. when a change has been made,…

ratio. A. Prior to May 1 of each year, the retirement board shall certify to the association the coverage plan funded ratio for each coverage plan as of June 30 of the preceding calendar year. B. If a certified coverage plan funded ratio is greater than or equal to eighty percent…

State general member coverage plan 1 is applicable to state general members who are not specifically covered by another coverage plan. History: Laws 1987, ch. 253, § 15.

requirements for normal retirement. Under state general member coverage plan 1, the age and service requirements for normal retirement are: A. age sixty-five years or older and five or more years of credited service; B. age sixty-four years and eight or more years of credited ser…

requirements for normal retirement; form of payment A. Under state general member coverage plan 1, the amount of a normal retirement pension under form of payment A is equal to two percent of final average salary multiplied by credited service. The amount shall not exceed sixty p…

salary. Under state general member coverage plan 1, final average salary is one thirty-sixth of the greatest aggregate amount of salary paid a member for thirty-six consecutive months of credited service. Under state general member coverage plan 1, if a member has less than thirt…

ANNOTATIONS Repeals. — Laws 1987, ch. 253, § 140, repealed 10-11-18.1 NMSA 1978, as enacted by Laws 1986, ch. 46, § 1, relating to member contributions and tax treatment, effective July 1, 1987.

contribution rate. A member under state general member coverage plan 1 shall contribute three and eighty-three one-hundredths percent of salary. History: Laws 1987, ch. 253, § 19.

As used in the Public Employees Retirement Act: A. "accumulated member contributions" means the amounts deducted from the salary of a member and credited to the member's individual account, together with interest, if any, credited to that account; B. "affiliated public employer" …

As used in Chapter 10, Article 11 NMSA 1978, with reference to the public employees retirement association, "executive secretary" means "executive director". History: 1978 Comp., § 10-11-2.1, enacted by Laws 1997, ch. 189, § 1.

As used in the Public Employees Retirement Act, "state legislator member" means a person who is currently serving or who has served as a state legislator or lieutenant governor and who has elected to participate in a state legislator member retirement plan. A former state legisla…

rate. The state shall contribute eleven and forty-eight one-hundredths percent of the salary of each member under state general member coverage plan 1. History: Laws 1987, ch. 253, § 20.

State general member coverage plan 2 is applicable to state general members after September 30, 1987. History: Laws 1987, ch. 253, § 21.

requirements for normal retirement. Under state general member coverage plan 2, the age and service requirements for normal retirement are: A. age sixty-five years or older and five or more years of credited service; B. age sixty-four years and eight or more years of credited ser…

pension; form of payment A. Under state general member coverage plan 2, the amount of pension under form of payment A is equal to two and one-half percent of final average salary multiplied by credited service. The amount shall not exceed seventy-five percent of the final average…

salary. Under state general member coverage plan 2, the final average salary is one thirty- sixth of the greatest aggregate amount of salary paid a member for thirty-six consecutive months of credited service. Under state general member coverage plan 2, if a member has less than …

contribution rate. A member under state general member coverage plan 2 shall contribute six and eighteen one-hundredths percent of salary starting with the first full pay period in the calendar month in which state general member coverage plan 2 becomes applicable to the member. …

rate. The state shall contribute thirteen and eighty-three one-hundredths percent of the salary of each member covered by state general member coverage plan 2. History: Laws 1987, ch. 253, § 26.