New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 80 - PUBLIC EMPLOYEES RETIREMENT › Part 1100 - RETIRED MEMBERS › Section 2.80.1100.11 - POST-RETIREMENT SELECTION OF NEW BENEFICIARY OR CHANGE TO FORM OF PAYMENT A

Current through Register Vol. 35, No. 13, July 16, 2024
A. To exercise his
				or her one-time irrevocable option to change the beneficiary designated at
				retirement to another survivor beneficiary under the same form of payment or to
				have future payments made under form of payment A pursuant to NMSA 1978,
				Section 10-11-116(D), the retired member shall submit the request in writing to
				PERA, including a statement that the beneficiary designated at retirement is
				still living.
B. If the retired
				member requests a beneficiary change, he or she shall provide a copy of the new
				beneficiary's certificate of birth with the written request.
C. If the retired member was married at the
				time of retirement and is still married to the same person at the time of the
				request, he or she shall provide a new signed notarized statement of consent by
				the member's spouse to the new beneficiary or to the election of form of
				payment A.
D. If the retired member
				has been divorced, he or she shall provide PERA with complete endorsed copies
				of all court documents necessary to ascertain the current marital status of the
				member and whether any ex-spouse of the member is entitled to any portion of
				the member's benefits. Such documents shall include the final decrees and
				marital property settlements for all marriages during the member's employment
				with an affiliated public employer. If the member's only divorce was prior to
				becoming a PERA member, then the final divorce decree is required, but no
				marital property settlement is required. If the member was divorced more than
				once before becoming a PERA member, then only the most recent final decree is
				required. The requirement for providing a copy of a final decree may be waived,
				in PERA's discretion, when PERA can establish through online court records that
				a divorce decree was entered on a specific date and no further documentation is
				deemed necessary to administer benefits.
E. A retired member who was divorced prior to
				retirement and named his or her former spouse as survivor beneficiary may
				exercise his one-time irrevocable option to deselect his or her former spouse
				as survivor beneficiary in accordance with NMSA 1978, Section 10-11-116(E)
				provided that there is no court order requiring the election of a specific form
				of payment or designation of a specific survivor pension beneficiary.
F. PERA shall provide the retired member with
				a new benefit estimate and an agreement for selection of new beneficiary or
				change to form of payment A after retirement in the form required by PERA
				within a reasonable time of receipt of the written request and required
				information and documents.
G. If
				the signed notarized agreement is received at PERA by the ninth day of the
				month, the requested change shall be effective for the pension payment for that
				month. Agreements received after the ninth day of the month shall be effective
				for the following month's pension payment.