New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 3 - MEMBER AND ADMINISTRATIVE UNIT CONTRIBUTIONS › Section 2.82.3.10 - REFUNDS OF CONTRIBUTIONS IN THE EVENT OF DEATH OF MEMBER OR BENEFICIARY

Current through Register Vol. 35, No. 13, July 16, 2024
A. In the event of
				the death of an active member who is not vested, member contributions together
				with interest calculated at the refund rate shall be refunded to the member's
				beneficiary or to the member's estate upon completion of the proper refund
				forms as provided for herein.
B. In
				the event of the death of a vested member who did not select Option B benefits
				prior to the effective date of retirement, the deceased member's beneficiary
				shall be have the option of electing to receive a refund of the member's
				contributions or receiving benefits in the form of Option B as provided in
				Section
				22-11-29
				NMSA 1978. Refunds, together with interest calculated at the refund rate and
				reduced by the sum of any disability benefits which that member previously
				received, shall be paid to the member's surviving beneficiary, surviving spouse
				or domestic partner if no beneficiary had been named, or if there is no named
				surviving beneficiary, surviving spouse or domestic partner, to the member's
				estate. If a beneficiary defers payment after the member dies as described in
				Section
				22-11-29
				NMSA 1978 and requests a lump sum payment in lieu of benefit under Option B,
				interest shall be calculated at the refund rate though the end of the calendar
				quarter prior to the date on which the complete d refund request is received by
				the ERB. Under the provisions of Options B and C, if both the member and the
				designated beneficiary die before the total of the retirement benefits received
				by the member and the beneficiary equal the total contributions made by the
				member, the difference, less any disability benefits previously paid to the
				member, shall be paid to the member's or the beneficiary's estate.
C. In order to obtain a refund of
				contributions after the death of a member, the member's beneficiary must notify
				the director of the member's death and furnish a copy of the death certificate
				or other proof of death acceptable to the director, whereupon the director
				shall furnish the beneficiary the proper forms to request a refund.
D. If the amount of a deceased member's
				contribution does not exceed the sum of $1,000.00 and no written claim is made
				to the board for it within one year from the date of the member's death, by the
				member's surviving beneficiary or estate, payment thereof may be made to the
				named beneficiary or, if none is named, to the person that the board determines
				to be entitled to the contribution under the laws of New Mexico.
E. A person will be considered a domestic
				partner if the person submits a completed ERB domestic partner affidavit form
				and two of the following documents: proof of shared residence via joint
				mortgage statement, joint rental agreement, or deed; automobile title or
				registration showing joint ownership of a vehicle; joint checking, bank, or
				investment account statement; joint credit account statement; a will or life
				insurance policy that designates the other person as primary beneficiary; or
				such other supporting document(s) approved by the director.