New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 80 - PUBLIC EMPLOYEES RETIREMENT › Part 500 - REMITTANCE OF CONTRIBUTIONS › Section 2.80.500.9 - REMITTANCE OF CONTRIBUTIONS FOR RE-EMPLOYED RETIRED MEMBERS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Each affiliated
				public employer shall be responsible for deducting applicable contributions
				from the salary or wages paid to each re-employed retired member for each
				payroll period. The affiliated public employer shall make employer
				contributions in the amount specified in the Public Employees Retirement Act
				until the subsequent employment is terminated. Retired member contributions
				shall be separately tracked, but shall not be posted to the retired member's
				account or refunded to the retired member or the employer upon termination of
				employment.
B. The employer shall
				transmit to PERA applicable employee and employer contributions for every
				retired 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 retired member
				contributions, and adjustments for prior pay periods if applicable,
				transmitted.
C. Except as provided
				in subsection F below, interest will be assessed on any remittance of retired
				member and employer contributions not made by the due day 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 F 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 employer fails to make
				the necessary deductions, the employer shall be responsible to remit to PERA
				the total amount due for both the retired member and employer contributions
				plus interest as provided in subsection C above.
F. If an employer, for good cause, is unable
				to timely transmit retired member employee and employer contributions or
				transmittal report, the employer shall notify PERA in writing at least
				twenty-four (24) 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 (31) calendar days. Interest
				shall thereafter be charged at the rate set in subsection C above.
G. Notwithstanding the provisions of this
				section, no retired member employee or employer contributions shall be remitted
				in the case of the following re-employed retired members:
(1) a retired member employed by the
				legislature for legislative session work who files an irrevocable exemption
				from membership within thirty (30) days of employment;
(2) a retired member elected to serve a term
				as an elected official on or after July 1, 2009 who files an irrevocable
				exemption from membership with the association within thirty days of taking
				office; or
(3) a retired member who
				has not been employed as an employee of an affiliated public employer or
				retained as an independent contractor by the affiliated public employer from
				which the retired member retired for at least twelve (12) consecutive months
				from the date of retirement to the commencement of employment or reemployment
				with an affiliated public employer.