New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 3 - MEMBER AND ADMINISTRATIVE UNIT CONTRIBUTIONS › Section 2.82.3.8 - SALARY COVERED; SALARY EXCLUDED

Current through Register Vol. 35, No. 13, July 16, 2024
A. Except as otherwise set forth herein and
				subject to the limitations set forth in Section
				22-11-21.2
				NMSA 1978, a member's annual salary for the purpose of contributions to the
				fund and computation of the member's benefit shall consist of total
				compensation or wages paid to the member for services rendered during each of
				the four calendar quarters of a fiscal year, beginning July 1 and ending June
				30. For purposes of determining contribution rates, a member's expected annual
				salary at the beginning of the fiscal year shall be considered. When relevant,
				a member's annual salary shall take into consideration the FTE of the position
				and the aggregation of salaries if the member will have multiple positions with
				the same or other local administrative units during the fiscal year. If a
				member's total annual salary is more than $24,000, the member shall be subject
				to the contribution rate set forth in Subsection A of Section
				22-11-21
				NMSA 1978. If a member's total annual salary is $24,000 or less the member
				shall be subject to the lower contribution rate set forth in Subsection B of
				Section
				22-11-21
				NMSA 1978. When a member whose salary is $24,000 or less earns in excess of the
				$24,000 limit during the fiscal year, the member shall be subject to the higher
				contribution rate in Subsection A of Section
				22-11-21
				NMSA 1978 effective the first day of the month in which the member earns in
				excess of the $24,000 limit. However, if a member whose salary is $24,000 or
				less changes positions with a local administrative unit during the fiscal year
				or engages in additional employment with the same or other local administrative
				unit during the fiscal year, and that change in employment creates the
				expectation that the member's total annual salary shall be more than $24,000,
				then the member's contribution rate shall be adjusted in accordance with the
				change in employment beginning the first day of the month of the change in
				employment.
(1) Salary includes payments made
				directly to the member or to a third party on behalf of or for the benefit of
				the member. Salary includes, without limitation:
(a) base salary, compensation, or
				wages;
(b) salary, compensation or
				wages for additional services rendered; examples include: teaching courses in
				addition to or above a full teaching load during the September to May academic
				year; teaching courses or performing research during summer (e.g., June through
				August) where such courses or research are not included in the duties on which
				the member's salary is based; and, performing work in addition to that
				specified in the employee's job description; performing administrative duties,
				such as serving as a department head, head of a faculty or staff group, or for
				providing other additional services;
(c) salary, compensation or wages based on
				professional certifications or qualifications, or skills such as being
				bilingual or multilingual;
(d)
				overtime, shift differential, and 'on-call' or call back pay.