New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 80 - PUBLIC EMPLOYEES RETIREMENT › Part 700 - NORMAL RETIREMENT › Section 2.80.700.10 - PROCEDURE FOR RETIREMENT

Current through Register Vol. 35, No. 13, July 16, 2024
A. The
				following procedure governs the process for retirement:
(1) The member shall request an application
				for retirement from PERA. To ensure that the member may retire on the date the
				member has chosen, the completed application should be returned to PERA, with
				the required documents described in Subsection B below, at least 60 days prior
				to the selected date of retirement. The completed application and all
				supporting documentation must be filed with PERA no later than the close of
				business on the last working day of the month prior to the selected date of
				retirement. Any changes to an application for retirement that has already been
				submitted to PERA, including, but not limited to, retirement date, designation
				of survivor beneficiary or form of payment option, must be in writing and filed
				with PERA no later than the close of business on the last working day of the
				month prior to the selected date of retirement.
(2) PERA shall furnish the member an estimate
				of retirement pension payable under form of payment A within a reasonable time
				of receipt of the properly completed application and required documents. If the
				member also desires an estimate of retirement pension payable under forms of
				payment B, C and D, the member shall request an estimate in writing.
(3) When the application is filed, PERA shall
				furnish the member's last affiliated public employer with an employer's
				certification of earnings form to be completed and returned to PERA. The final
				calculation of pension cannot be processed until PERA receives the properly
				completed employer's certification form.
(4) PERA will furnish the member a final
				calculation of retirement pension based on the information provided by the
				affiliated public employer.
(5) The
				completed application form must either include or be accompanied by a signed
				notarized statement of consent by the member's spouse to the form of payment
				and beneficiary elected by the member or an affidavit that the member is not
				married. An affidavit naming all former spouses must also accompany the final
				application form. If a married member does not provide spousal consent, the
				member shall execute an affidavit that:
(a)
				states why the member has been unable to obtain spousal consent;
(b) provides the most recent contact
				information for the member's spouse; and
(c) acknowledges that the member understands
				that because he or she is married and has not provided spousal consent, the
				PERA Act provides that the member will be retired under form of payment C with
				his or her spouse named as survivor beneficiary.
(6) The application shall be considered to be
				"filed" when PERA receives the completed application as evidenced by a writing
				on the application indicating the date of receipt by PERA.
(7) Retirement will be effective on the first
				day of the month following:
a) the filing
				with PERA of the completed, signed application with all required documentation;
b) the member's qualifying for
				retirement based on service and age; and
c) the member's termination of covered
				employment with all employers covered by any state system or the educational
				retirement system.
(8)
				The retirement of the member shall be submitted to the board for ratification
				at the next regular meeting following the effective date of
				retirement.