New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 84 - MAGISTRATE RETIREMENT › Part 1200 - REMITTANCE OF CONTRIBUTIONS › Section 2.84.1200.8 - GENERAL PROVISIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. In
				accordance with the Magistrate Retirement Act each judicial agency, as
				employer, shall be responsible for deducting the applicable contribution from
				the salary or wages paid to each member for each payroll period.
B. The employer shall transmit to PERA the
				member and employer contributions for every member in its employ for each pay
				period on or before the fifth working day following the payday applicable to
				the pay period. The contributions shall be accompanied by a transmittal report
				in a format designated by PERA, which shall clearly set forth the amount of
				employer and member contributions, and adjustments for prior pay periods if
				applicable, transmitted.
C. Except
				as provided in Subsection G below, interest will be assessed on any remittance
				of employer and employee contributions not made by the due date of the
				remittance. The rate of interest shall be set annually by the board at a July
				meeting and shall be effective beginning the next succeeding January 1st. Any
				interest paid on unremitted contributions shall not be posted to the member's
				account or refunded to the member or the employer.
D. Except as provided in Subsection G below,
				a penalty of fifty dollars ($50) per day shall be assessed for any employee and
				employer contribution transmittal report that is untimely. For purposes of this
				subsection, "untimely" is defined as fifteen (15) days after the end of the
				month in which the transmittal report was due.
E. In the event the judicial agency fails to
				make the necessary deductions, the judicial agency shall be responsible to
				remit to PERA the total amount due for both the member and employer
				contributions plus interest as provided in subsection C above.
F. Current employer contributions may not be
				made by members except as authorized by law.
G. If a judicial agency, for good cause, is
				unable to timely transmit employee and employer contributions or transmittal
				report, the employer shall notify PERA in writing at least twenty-four hours
				prior to the due date, and may request waiver of the interest or penalty that
				would otherwise be assessed. The executive director may waive interest or
				penalty for up to thirty-one calendar days. Interest shall thereafter be
				charged at the rate set in subsection C above.
H. Member contributions picked-up by the
				employer under NMSA 1978, Section
				10-12C-10
				are not considered compensation for purposes of Internal Revenue Code Section
				415(c).
I. Beginning January 1,
				2009, to the extent required by Internal Revenue Code Section 414(u)(2), an
				individual receiving differential wage payments (as defined under Internal
				Revenue Code Section 3401(h)(2)) from an affiliated public employer shall be
				treated as employed by that employer and the differential wage payment shall be
				treated as compensation for purposes of applying the limits on annual additions
				under Internal Revenue Code Section 415(c). This provision shall be applied to
				all similarly situated individuals in a reasonably equivalent manner.