reglab/statecodes huggingface dataset:
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 3 - MEMBER AND ADMINISTRATIVE UNIT CONTRIBUTIONS › Section 2.82.3.13 - INTEREST CREDITS AND PAYMENTS ON MEMBER CONTRIBUTIONS

Current through Register Vol. 35, No. 13, July 16, 2024
At the time of refund of a member's contributory balance,
				  interest shall be paid at the refund rate through the end of the calendar
				  quarter preceding the date of the refund; except that no interest shall be paid
				  on contributions credited to a member's account for any period prior to July 1,
				  1971, nor shall interest be paid on contributions on deposit for less than one
				  year.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 4 - SERVICE CREDIT › Section 2.82.4.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
The Educational Retirement Act, Sections
				  22-11-1 to
				  22-11-55
				  NMSA 1978.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 4 - SERVICE CREDIT › Section 2.82.4.8 - EARNED SERVICE CREDIT

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Earned service credit shall be granted on a quarterly basis.
B. A member shall receive one quarter of
				credit for each calendar quarter in which the member has earnings from regular
				employment and renders services for a minimum of 16 days. A member is
				considered to have rendered services for each day upon which the member is paid
				salary, regardless of whether the member is on annual, sick, administrative or
				other form of paid leave. Four calendar quarters of credit shall constitute one
				year. The calendar quarters of a year shall begin and end as follows: July 1
				through September 30; October 1 through December 31; January 1 through March
				31; and April 1 through June 30.
C.
				Members who are granted paid sabbatical leave shall receive one calendar
				quarter of earned service credit for each quarter in which they receive pay for
				such.
D. If a member is granted
				earned service credit while on paid sabbatical leave and that sabbatical leave
				is subsequently revoked, with salary payments returned to, or demanded by the
				administrative unit, under the terms of the leave agreement between the
				administrative unit and the member, the earned service credit granted during
				such sabbatical leave shall be revoked.
E. In the event of revocation of earned
				service credit as provided in Subsection D of 2.82.4.8 NMAC, disposition of
				contributions made by the member and local administrative unit relating to the
				revoked period of earned service credit shall be as follows:
(1) Local administrative unit contributions
				shall be credited to the local administrative unit to be used against future
				contribution costs.
(2) Before the
				member contribution shall be disbursed, or credited, the local administrative
				unit shall furnish the board with proof of the settlement which has been made
				with the member. Following the receipt of this proof, the member contributions
				shall be handled as follows:
(a) If the local
				administrative unit has completed the financial settlement with the member
				without being reimbursed for member contributions relating to the leave and
				paid to the board, the administrative unit shall be granted credit for such
				member contributions to be used against the future administrative unit
				contribution costs.
(b) If the
				local administrative unit has been reimbursed by the member for member
				contributions relating to the leave and paid to the board, such member
				contributions shall be paid to the member on a refund voucher separate from any
				other refund which might be requested by the member.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 4 - SERVICE CREDIT › Section 2.82.4.9 - ALLOWED SERVICE CREDIT

Current through Register Vol. 35, No. 13, July 16, 2024
A. For
				purposes of granting allowed service credit pursuant to Paragraph (2) of
				Subsection A of Section 22-11-34 NMSA 1978, a member engaged in military
				service that interrupted the member's employment under a state system in New
				Mexico shall return to employment within 18 months following honorable
				discharge.
(1) In order to claim such service
				credit the member shall furnish documentary evidence of:
(a) the member's entry into and honorable
				discharge from military service;
(b) the dates of service to an affiliated
				public employer prior to entry into military service.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 4 - SERVICE CREDIT › Section 2.82.4.10 - RETURN TO WORK

Current through Register Vol. 35, No. 13, July 16, 2024
No service credit can be earned, purchased or otherwise
				  credited for any of the time a retired member is employed by a local
				  administrative unit unless the retired member has suspended their retirement
				  benefit. While a retired member is employed by a local administrative unit, no
				  service credit can be purchased for service previously earned or withdrawn
				  unless the retired member has suspended their retirement
				  benefit.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 4 - SERVICE CREDIT › Section 2.82.4.11 - SICK LEAVE SERVICE CREDIT

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Beginning July 1, 2020, a member may pay to convert unused sick leave to earned
				service credit in accordance with Section
				22-11-34.1
				NMSA 1978. Earned service credit that is purchased in accordance with Section
				22-11-34.1
				NMSA 1978 shall be known as "sick leave service credit." To purchase sick leave
				service credit a member shall:
(1) submit an
				application on a form provided by the director specifying the number of days of
				unused sick leave the member desires to use to purchase earned service
				credit;
(2) be currently employed
				by a local administrative unit (LAU) as a regular member as defined under the
				Educational Retirement Act;
(3) pay
				to the fund the actuarial present value, as determined by the board, of the
				benefit attributable to the conversion; and
(4) have acquired at least five years of
				contributory employment to be eligible for retirement.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 5 - RETIREMENT BENEFITS › Section 2.82.5.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
The Educational Retirement Act, Sections 22-11-1 to 22-11-55
				  NMSA 1978.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 5 - RETIREMENT BENEFITS › Section 2.82.5.8 - ELIGIBILITY

Current through Register Vol. 35, No. 13, July 16, 2024
A. A member shall
				not be considered eligible to retire unless the member shall have completed at
				least five years of contributory employment even though such member might
				otherwise be eligible by reason of age and service, and tender of payment for
				contributory employment.
B. A
				school bus owner-driver shall not be eligible to retire unless the owner-driver
				terminates the owner-driver contract with the public schools.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 5 - RETIREMENT BENEFITS › Section 2.82.5.9 - APPLICATIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Retirement
				application forms furnished by the director and made available in each local
				administrative unit, may be initiated by the member or the member's employer.
				The member may also write to the director to apply for benefits. In either
				case, the application must be signed by the member.
B. If a member seeking retirement is not
				employed at the time of application, the director shall deal directly with the
				member in processing the application, without reference to, or concurrence of
				the last employer.
C. The
				application for retirement (being the completed form supplied by the director)
				must be filed in the office of the director prior to the desired effective date
				of benefits.
D. A member who has
				been re-employed following a previous retirement shall make application for
				benefits in the same manner as one who has not previously been
				retired.
E. Any member with an
				effective retirement date on or after July 1, 2015 shall provide authorization
				to the director for the electronic transfer of pension payments to the
				retiree's banking institution. Such authorization shall be executed in the form
				prescribed by the director. The director may waive this requirement upon a
				showing of exceptional circumstances.
F. In order to implement Section 22-11-32
				NMSA 1978, the director shall, at the time of the member's application for
				benefits, obtain the member's written statement that the member or the member's
				beneficiary does or does not receive any other benefit from any public agency
				which would be adversely affected by the member or the member's beneficiary's
				receipt of benefits pursuant to the Educational Retirement Act. If the member
				or the member's beneficiary does, or will receive such benefits, the director
				shall make the benefit adjustment called for in this section.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 5 - RETIREMENT BENEFITS › Section 2.82.5.10 - COMPUTATION AND COMMENCEMENT OF RETIREMENT BENEFITS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Upon retirement, the following procedures
				shall apply with regard to commencement of the member's benefit:
(1) If the retiring member's employment
				terminated at least 90 days prior to the effective date of retirement, the
				benefit may be commenced at the end of the month following the effective date
				of retirement.
(2) If the retiring
				member's employment terminated within 90 days prior to the effective date of
				retirement, the retiring member's benefit may be estimated by the director and
				commenced at the end of the month following the effective date of
				retirement.
(3) After the employer
				report is received from the administrative unit, reporting the retiring
				member's final earnings, the director shall determine whether or not the
				estimated benefit is correct. If the estimated benefit is incorrect, the
				director shall make the appropriate adjustment to the member's benefit,
				retroactive to the effective date of the benefit. This adjustment, if required,
				shall be made at the earliest practical date. The retiring member shall be
				advised regarding the nature of any such adjustment. An adjustment will be made
				in this manner if and only if the adjustment based upon the member's actual
				earnings would result in a monthly benefit which differs more than one dollar
				from the estimated benefit.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 5 - RETIREMENT BENEFITS › Section 2.82.5.11 - EFFECTIVE DATE OF BENEFIT

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Whenever a retiring member completes the academic year for which the member has
				been contracted or employed, the member's effective date of retirement shall be
				July 1, provided that application is made as stipulated in Subsection B of
				2.82.5.11 NMAC. Whenever a retiring
				member terminates at a time other than at the end of the academic year for
				which the retiring member has been contracted or employed, the effective date
				may be the first day of the month following termination, provided that
				application must be as stipulated in Subsection B of
				2.82.5.11 NMAC.
B. The effective date of benefits cannot in
				any case be earlier than the first day of the month following receipt of the
				completed application forms (as provided by the director) from the member or
				the member's employer, except as provided in Subsection D of
				2.82.5.11 NMAC.
C. Section 22-11-28 NMSA 1978 shall be
				construed to mean that the effective date of benefits shall be in accordance
				with Subsection D of
				2.82.5.11 NMAC, and further that on
				concurrence of the local administrative unit for retirement on a date other
				than July 1 has been given when the local administrative unit certifies the
				member's termination on the application form.
D. If a member's application for benefits is
				received after the effective date desired by the member, and such desired
				effective date would otherwise be in accordance with the law and rules of the
				board, the director may commence the member's benefit as of such date, only if
				the delay in filing was due to delay in processing by the local administrative
				unit, and not due to any fault or wish of the member. The director shall also
				consider an application to have been duly filed in this office on the date
				postmarked if the application is mailed.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 5 - RETIREMENT BENEFITS › Section 2.82.5.12 - APPROVAL OF RETIREMENT APPLICATION

Current through Register Vol. 35, No. 13, July 16, 2024
The director is authorized to approve duly executed
				  applications for age and service retirement on behalf of the board in order to
				  insure timely approval of same; however, all such approvals must be ratified by
				  the educational retirement board at a subsequent meeting of the
				  board.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 5 - RETIREMENT BENEFITS › Section 2.82.5.13 - OPTIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Option B
				provided in accordance with Subsection D of Section 22-11-29 NMSA 1978 shall be
				operative:
(1) during periods of
				non-participation, if contributions are not withdrawn, and
(2) during periods of time when a member is
				receiving disability benefits, and
(3) during the period of time from a member's
				effective retirement date until the final election of option is received in the
				ERB office.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 5 - RETIREMENT BENEFITS › Section 2.82.5.14 - COST-OF-LIVING ADJUSTMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. The
				adjustment factor to be applied annually to eligible benefits shall be
				determined by using the "
Consumer Price Index for All Urban Consumers
				U.S. City Average All Items
".
B. If a member who was certified by the board
				as disabled at the time of regular retirement returns to gainful employment
				with a local administrative unit in a position commensurate with the member's
				background, education and experience, the member's benefit shall no longer be
				subject to adjustments as provided for in Subsection G of Section 22-11-31 NMSA
				1978. Any adjustments made prior to the date of reemployment shall remain in
				effect. All future adjustments shall be made solely as provided for in
				Subsections B and C of Section 22-11-31 NMSA 1978.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 5 - RETIREMENT BENEFITS › Section 2.82.5.15 - RETURN TO WORK PROGRAM

Current through Register Vol. 35, No. 13, July 16, 2024
A. A
				retired member cannot return to employment with any LAU until the member
				submits and ERB approves a return to work application prescribed by the Board
				verifying their eligibility for the return to work program.
B. For purposes of return to work, including
				Sections 15 through 18 of 2.82.5 NMAC, a retired member is deemed "employed" if
				a retired member is or should be included in the work report provided by the
				employing LAU to the ERB pursuant to 2.82.9.8. NMAC as being paid a
				wage.
C. If a retired member who
				would otherwise qualify for a return to work program receives a written notice
				("Notice of Violation") from ERB notifying the member that the member failed to
				submit the required return to work application prior to returning to
				employment, the member shall:
(1) Immediately
				terminate employment and notify ERB of such termination; or
(2) Submit a completed return to work
				application for the appropriate return to work program within 30 days of the
				date of the Notice of Violation.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 5 - RETIREMENT BENEFITS › Section 2.82.5.16 - RETURN TO WORK .25 FTE OR LESS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				A retired member may return to employment (includes "substitution") at a level
				of .25 FTE or less without affecting the retired member's retirement benefit
				provided the retired member submits a return to work application and is
				approved by ERB prior to commencing employment.
B. In the event that a retired member enters
				into an agreement which provides for employment at a level greater than .25 FTE
				or actually works greater than .25 FTE becomes ineligible to receive retirement
				benefits. The retired member's retirement benefit will be suspended for the
				unauthorized period of the employment, and the retired member will be returned
				to an active status effective the first day of the month following the month in
				which the retired member's employment exceeded .25 FTE. The retired member
				shall pay the educational retirement fund a sum equal to all retirement
				benefits the retired member received while ineligible.
C. If suspended, before the member's monthly
				retirement benefits can resume, the suspended retired member must certify to
				ERB and provide documentation from their employer(s) verifying that they have
				terminated all employment that would disqualify them from retirement under the
				Educational Retirement Act and must reapply for retirement.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 5 - RETIREMENT BENEFITS › Section 2.82.5.17 - RETURN TO WORK LESS THAN $15,000 PER YEAR

Current through Register Vol. 35, No. 13, July 16, 2024
A. A retired member may return to employment
				(includes "substitution") pursuant to Subsection H of Section 22-11-25.1 NMSA
				1978 without affecting the retired member's retirement benefit provided that:
(1) the retired member has not rendered
				service to an LAU for at least 90 consecutive days after the date of
				retirement;
(2) prior to the date
				of retirement or within 90 days after the date of retirement, the retired
				member did not enter into a formal or informal agreement with a LAU or a
				contractor providing services to a LAU to return to employment;
(3) the retired member earns less than
				fifteen thousand ($15,000) per fiscal year; and
(4) The retired member submits a return to
				work application and is approved by ERB prior to commencing
				employment.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 5 - RETIREMENT BENEFITS › Section 2.82.5.18 - RETURN TO WORK 36 MONTHS

Current through Register Vol. 35, No. 13, July 16, 2024
A. A
				retired member may return to employment pursuant to Subsection I of Section
				22-11-25.1 NMSA 1978 without affecting the retired member's retirement benefit
				provided that:
(1) the retired member has not
				rendered service to a local administrative unit for at least 90 consecutive
				days after the date of retirement;
(2) the retired member returns to employment
				for a period of no more than 36 consecutive or nonconsecutive months;
				and
(3) the retired member submits
				a return to work application and is approved by ERB prior to commencing
				employment.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 5 - RETIREMENT BENEFITS › Section 2.82.5.19 - TERMINATION OF PLAN; ACCRUED RIGHTS OF MEMBERS

Current through Register Vol. 35, No. 13, July 16, 2024
The rights of members to benefits accrued, to the extent
				  funded, will become vested to the extent required by and upon the events set
				  forth in Treas. Reg. Section 1.401-6(a)(1).
See
26 CFR
				  1.401-6.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 5 - RETIREMENT BENEFITS › Section 2.82.5.20 - INTERNAL REVENUE CODE SELECTION

Current through Register Vol. 35, No. 13, July 16, 2024
The Educational Retirement Act of New Mexico is intended to
				  satisfy Section 401(a)
				  of the Internal Revenue Code and to be a governmental plan within the meaning
				  of Section 414(d) of the Internal
				  Revenue Code.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 5 - RETIREMENT BENEFITS › Section 2.82.5.21 - ROLLOVER DISTRIBUTIONS FOR NON-SPOUSE BENEFICIARIES

Current through Register Vol. 35, No. 13, July 16, 2024
The Educational Retirement Act shall allow direct rollovers
				  to non-spouse beneficiaries for lump sum distributions only, and such
				  distributions must be requested before the end of the year after the year of
				  the member's death. No partial rollovers shall be permitted. A direct rollover
				  by a non-spouse beneficiary must be made into a traditional or Roth IRA
				  established on behalf of the designated beneficiary and that will be treated as
				  an inherited individual retirement account (IRA) pursuant to the provisions of
				  Section 402(c) (11) of the Internal
				  Revenue Code. The distribution must also otherwise satisfy the definition of an
				  "eligible rollover distribution" under Section
				  401(a) (31) of the Internal
				  Revenue Code. All other current rules applicable to rollover distributions
				  under the Educational Retirement Act, or adopted by the board pursuant to the
				  Educational Retirement Act, must be followed. The non-spouse beneficiary shall
				  be notified that the member is responsible for following the applicable minimum
				  required distribution rules under Section
				  401(a) (9) of the Internal
				  Revenue Code.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 5 - RETIREMENT BENEFITS › Section 2.82.5.22 - DEATH BENEFITS WHILE PERFORMING MILITARY SERVICE

Current through Register Vol. 35, No. 13, July 16, 2024
In the case of a death or disability occurring on or after
				  January 1, 2007, if a member dies while performing qualified military service
				  (as defined in section 414(u)), the survivors of the member are entitled to any
				  additional benefits (other than benefit accruals relating to the period of
				  qualified military service not otherwise credited under the terms of the
				  Educational Retirement Act) provided under the plan as if the member had
				  resumed and terminated employment on account of death.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 6 - DISABILITY BENEFITS › Section 2.82.6.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Educational Retirement Board, P.O. Box 26129, Santa Fe, New
				  Mexico 87502-0129.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 6 - DISABILITY BENEFITS › Section 2.82.6.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
The Educational Retirement Act, Sections
				  22-11-1 to
				  22-11-55
				  NMSA 1978.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 6 - DISABILITY BENEFITS › Section 2.82.6.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
October 31, 2017 unless a later date is cited at the end of a
				  section.
Compiler's note: The words or paragraph, above, are no
					 longer applicable. Later dates are now cited only at the end of sections, in
					 the history notes appearing in brackets.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 6 - DISABILITY BENEFITS › Section 2.82.6.8 - ELIGIBILITY

Current through Register Vol. 35, No. 13, July 16, 2024
The member is eligible when the member has met the statutory
				  requirements for service and extent of disability if application is filed as
				  provided in Subsection A of
				  2.82.6.9
				  NMAC.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 6 - DISABILITY BENEFITS › Section 2.82.6.9 - APPLICATION

Current through Register Vol. 35, No. 13, July 16, 2024
A. An application
				for benefits may be filed prior to, and in anticipation of a member's
				termination by reason of disability, or within a reasonable time following the
				date of termination.
B. Application
				for disability may be initiated by the member or his employer on forms
				furnished by the director and made available in each local administrative unit.
				The member may also write to the director to apply for benefits.
C. If the applicant for disability benefits
				is not employed at the time of application, the director shall deal directly
				with the member in processing the application, without reference to, or
				concurrence of, the last employer.
D. At the time of application, the member
				shall furnish medical proof satisfactory to the educational retirement board,
				that his termination of employment is, or was, a direct result of his
				disability. The member's employer, or former employer shall also be requested
				to advise the board, in writing, of all facts pertinent to the applicant's
				termination, of which the employer has knowledge.
E. Applicant shall furnish a list of all
				physicians who have examined or treated the member regarding the disability and
				provide copies of their reports, shall provide copies of any and all vocational
				rehabilitation reports made since the disability was incurred and shall provide
				any other information requested by the educational retirement board, the
				medical review authority or medical appeals hearing officer.
F. An applicant may review any and all
				evidence, physician reports etc., which the medical review authority or medical
				appeals hearing officer has which pertains to his/her case.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 6 - DISABILITY BENEFITS › Section 2.82.6.10 - EFFECTIVE DATE OF BENEFITS

Current through Register Vol. 35, No. 13, July 16, 2024
A. The
				effective date of disability benefits shall be the first day of the month
				following the member's termination of employment, or the first day of the month
				following receipt of the member's application, whichever is later.
B. The applicant for disability benefits
				shall not be considered to have terminated employment until all accumulated
				sick leave granted by the employer shall have been used. If the employer pays
				the member's accumulated sick leave in a lump-sum, the member's termination
				date shall be the date on which the last day would have been paid had payment
				been made in due course, rather than in a lump-sum.
C. In the absence of any other formal
				declaration of termination of employment, the member's application for
				disability benefits shall serve as declaration as of the date indicated thereon
				by employer.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 6 - DISABILITY BENEFITS › Section 2.82.6.11 - DETERMINATION OF DISABILITY

Current through Register Vol. 35, No. 13, July 16, 2024
A. The
				medical review authority shall, in its recommendation to the educational
				retirement board, report whether the applicant is or is not totally disabled to
				continue with his/her employment and unable to obtain and retain other gainful
				employment commensurate with his/her background, education and experience. In
				cases of recommended denials, reasons with sufficient detail shall also be
				provided.
B. When considering an
				applicant's background, education and experience, the guidelines established by
				the social security administration, vocational opinions, guides, books or
				reports and any other relevant information may be used.
C. If recommending disability benefits to the
				educational retirement board, the medical review authority or medical appeals
				hearing officer may, if appropriate, recommend that the applicant be referred
				to the division of vocational rehabilitation ("DVR") for its provision of
				available services to the disabled member.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 6 - DISABILITY BENEFITS › Section 2.82.6.12 - CONTINUATION OF DISABILITY BENEFITS

Current through Register Vol. 35, No. 13, July 16, 2024
A. The requirements of Section
				22-11-36
				NMSA 1978 shall be met in the following manner:
(1) Each recipient of disability benefits
				shall be required to furnish a report from his/her personal physician or health
				care provider or report to an assigned medical examiner for examination at
				least once each year following approval of disability status. The frequency of
				examination (not less than once each year) shall be determined in each
				individual case by the medical review authority based upon the nature and
				extent of the disability. The director shall, in all cases, retain the
				authority to require an independent medical examination not called for by the
				medical review authority.
(2)
				Periodic examination reports on disability cases shall be studied by the
				medical review authority who shall make recommendations to the retirement board
				for consideration and action, and in no case shall a disability benefit be
				discontinued without the action of the retirement board.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 6 - DISABILITY BENEFITS › Section 2.82.6.13 - APPROVAL OF APPLICATION

Current through Register Vol. 35, No. 13, July 16, 2024
The director is authorized to approve duly executed
				  applications for disability benefits on behalf of the board in order to insure
				  timely approval of same if the medical review authority has determined that the
				  applicant is disabled; however, all such approvals must be ratified by the
				  educational retirement board at a subsequent meeting of the board. At the time
				  of ratification, the director shall make available to the board, the reports of
				  the medical examiners, the recommendations of the medical review authority, and
				  the member's completed application along with such other information as the
				  board may require.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 7 - ANNUITANTS AND DISABILITY RECIPIENTS › Section 2.82.7.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Educational Retirement Board, P. O. Box 26129, Santa Fe, New
				  Mexico 87502-0129.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 7 - ANNUITANTS AND DISABILITY RECIPIENTS › Section 2.82.7.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
The Educational Retirement Act, Sections
				  22-11-1 to
				  22-11-55
				  NMSA 1978.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 7 - ANNUITANTS AND DISABILITY RECIPIENTS › Section 2.82.7.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
June 16, 2015, unless a later date is cited at the end of a
				  section.
Compiler's note: The words or paragraph, above, are no
					 longer applicable. Later dates are now cited only at the end of sections, in
					 the history notes appearing in brackets.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 7 - ANNUITANTS AND DISABILITY RECIPIENTS › Section 2.82.7.8 - BENEFIT PAYMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. After
				the initial payment of benefits, payments shall be processed or mailed monthly,
				not later than the last day of the month for which they are paid.
B. At the time of death, a retired member's
				benefit shall be paid in accordance with the option selected, or if none was
				selected, the member's beneficiary who shall have been named at the time of
				retirement, shall receive the benefit for the month of the member's death or
				the excess of total contributions over total benefits received by the member,
				whichever is greater.
C. Upon the
				death of a member who is receiving disability benefits and who has rejected the
				coverage of option B, the member's surviving beneficiary shall receive the
				benefit due the member from the first day of the month of death to the date of
				death, inclusive, or the excess of total contributions over total benefits
				received by the member, whichever is greater.
(1) A member eligible to receive disability
				benefits, shall receive unmodified benefits as set forth in Section
				22-11-37 NMSA
				1978, until the member attains age 60, at which time the benefit will be
				modified in accordance with option selected at that time, if any, and the
				modifications will be based upon the then attained ages of the member and
				beneficiary.
(2) Upon the death
				prior to age 60 of a member receiving disability benefits who has option B
				coverage, the beneficiary of such member shall be entitled to the benefits
				provided by Subsection D of Section
				22-11-29
				NMSA 1978.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 7 - ANNUITANTS AND DISABILITY RECIPIENTS › Section 2.82.7.9 - EMPLOYMENT

Current through Register Vol. 35, No. 13, July 16, 2024
A. Once each
				calendar quarter, administrative units shall be required to report to the
				educational retirement board "the full-time equivalency" of members retired for
				age or service and members receiving disability benefits.
B. A member receiving disability benefits may
				engage in employment in the same manner and such employment shall be considered
				as partial evidence of ability to return to regular employment, and this,
				together with medical evidence, may be considered by the board in determining
				whether the member's disability benefit should continue.
C. Members retired for age or service may
				reside anywhere they choose, and engage in any employment which is not covered
				by the Educational Retirement Act, without affect to their retirement
				status.
D. If a member who returns
				to employment and is removed from a retirement status wishes to retire again,
				the member may do so in accordance with Section
				22-11-25
				NMSA 1978 and Subsection D of
				2.82.5.9
				NMAC.
E. Retired members who
				perform services for local administrative units as an independent contractor
				must meet the criteria set forth for an independent contractor in Subsection C
				of
				2.82.2.11
				NMAC.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 8 - INVESTMENT POLICIES AND PRACTICES › Section 2.82.8.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Educational Retirement Board, P. O. Box 26129, Santa Fe, New
				  Mexico 87502-0129.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 8 - INVESTMENT POLICIES AND PRACTICES › Section 2.82.8.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
This rule establishes guidelines for investment of the
				  educational retirement fund under management by the educational retirement
				  board (ERB), and it applies to the educational retirement board, the director
				  of the agency, the investment committee and the investment division
				  staff.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 8 - INVESTMENT POLICIES AND PRACTICES › Section 2.82.8.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
The Educational Retirement Act, Sections
				  22-11-1 to
				  22-11-53,
				  NMSA 1978.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 8 - INVESTMENT POLICIES AND PRACTICES › Section 2.82.8.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
Explains the organization and composition of the investment
				  committee and investment division, and clarifies the policies and practices for
				  investment of the ERA fund.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 8 - INVESTMENT POLICIES AND PRACTICES › Section 2.82.8.8 - INVESTMENT COMMITTEE

Current through Register Vol. 35, No. 13, July 16, 2024
A. The
				investment committee shall be composed as set forth in
				2.82.1.14
				NMAC.
B. The investment committee
				shall meet regularly each calendar quarter with additional meetings as
				required. The committee shall elect a chairman annually who shall call special
				meetings and preside at all meetings. A simple majority of the board members
				currently serving on the committee shall constitute a quorum.
C. The investment committee shall have the
				following responsibilities:
(1) to review all
				actions taken by the investment division in the management of the fund and
				recommend to the board specific action with regard to the continuation or
				change in the investment practices of the investment vision;
(2) to review on a continuing basis the
				investment philosophy and investment guidelines of the fund, make policy
				recommendations to the board and generally oversee the investment activities of
				the fund;
(3) to recommend the
				employment of the services of an investment advisory firm to assist and advise
				the board in the management of the fund;
(4) to recommend the employment of the
				services of investment management firm(s) to manage a portion of the assets of
				the fund, either through separately managed accounts or through individual,
				common or collective trust funds;
(5) to establish asset allocation guidelines,
				which shall define asset allocation targets and ranges, and to annually
				review/modify these guidelines; as set forth in the ERB investment objectives
				and guidelines which shall be approved by the investment committee and
				recommended for board approval.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 8 - INVESTMENT POLICIES AND PRACTICES › Section 2.82.8.9 - INVESTMENT DIVISION

Current through Register Vol. 35, No. 13, July 16, 2024
A. The
				investment division of ERB shall be managed by the chief investment officer
				under the direction of the director.
B. The role of the investment division is
				detailed in the investment policy.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 8 - INVESTMENT POLICIES AND PRACTICES › Section 2.82.8.10 - INVESTMENT PHILOSOPHY

Current through Register Vol. 35, No. 13, July 16, 2024
Recognizing the important and perpetual nature of the fund
				  and the fiduciary responsibilities of the board, the primary goal in investing
				  the assets shall be to provide significant real returns adjusted for inflation
				  with acceptable risk (volatility). The "prudent investor" standard, as defined
				  in the state statutes, shall apply to the investment activities of the
				  educational retirement board.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 8 - INVESTMENT POLICIES AND PRACTICES › Section 2.82.8.11 - INVESTMENT POLICY

Current through Register Vol. 35, No. 13, July 16, 2024
A. The board
				shall adopt a written investment policy as required by Section 22-11-13(B) NMSA
				1978 which establishes a policy for the investment and management of the
				educational retirement fund. At least annually, the board shall review, ratify
				and provide its written investment policy to the legislative finance committee
				and the department of finance and administration.
B. Broker policy: Given the fiduciary
				responsibilities of the board and the chief investment officer with regard to
				the management of the assets of the retirement fund, the board adopts the
				following policies relating to the execution of the securities orders:
(1) Equities. The brokerage community
				provides important services necessary for the successful management of the
				retirement fund. Recognizing that the value of the services varies widely from
				firm to firm, the chief investment officer is directed to allocate commission
				business based on his/her judgment of the overall quality of service provided
				by each brokerage firm. The SEC, in release no. 34-23170 dated April 23, 1986,
				states that in judging the quality of service consideration should be given to
				"the value of research provided as well as execution capability, commission
				rate, financial responsibility, and responsiveness to the money manager." When
				all factors are equal within the above guidelines, preference shall be given to
				brokerage firms with offices in New Mexico.
(2) Fixed income. Recognizing the difference
				in the nature of the equity and fixed income markets, i.e., no central market
				for fixed income securities, fixed income trades will be executed through
				firms, that originate ideas and are able to offer/ bid securities on a
				continuing competitive basis. When market conditions permit in the judgment of
				the fixed income investment officer , offerings and bids will be solicited on a
				competitive basis.
(3) Soft dollar
				policy. The chief investment officer, with approval of the director, and
				concurrence by the legislature, is authorized to use "soft dollars" to pay for
				research services and equipment that assist in the investment decision - making
				process as related to the management of the assets of the ERB retirement fund.
				Section 28(e) of the SEC Act of 1934, SEC interpretive release no. 34 -23170
				dated April 23, 1986 and any subsequent interpretative releases shall be used
				as guidelines in this procedure.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 9 - ADMINISTRATIVE UNIT REPORTS AND REMITTANCES › Section 2.82.9.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Educational Retirement Board, P. O. Box 26129, Santa Fe, New
				  Mexico 87502-0129.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 9 - ADMINISTRATIVE UNIT REPORTS AND REMITTANCES › Section 2.82.9.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
This rule applies to local administrative units and state
				  agencies required to file reports on contributions to the Educational
				  Retirement Act (ERA) fund.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 9 - ADMINISTRATIVE UNIT REPORTS AND REMITTANCES › Section 2.82.9.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
The Educational Retirement Act, Sections
				  22-11-1 to
				  22-11-55
				  NMSA 1978.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 9 - ADMINISTRATIVE UNIT REPORTS AND REMITTANCES › Section 2.82.9.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
June 30, 1999, unless a later date is cited at the end of a
				  section or paragraph.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 9 - ADMINISTRATIVE UNIT REPORTS AND REMITTANCES › Section 2.82.9.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
Instructions for preparing and filing timely reports, and
				  specifies penalties for late filing of reports or late deposit of
				  contributions.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 9 - ADMINISTRATIVE UNIT REPORTS AND REMITTANCES › Section 2.82.9.8 - EMPLOYER REPORTS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Instructions for the preparation and handling of employer reports and monthly
				remittances by the local administrative units shall be outlined in detail once
				each year and electronically transmitted to each local administrative unit by
				the director.
B. Employer reports
				shall encompass all local administrative unit employees including those
				employees whom the local administrative unit has identified as excluded from
				coverage.
C. Monthly contributions
				from employees and local administrative units shall be electronically
				transmitted no later than the 15th day of the month
				following the month for which contributions are withheld.
(1) Employer reports and contributions shall
				be electronically transmitted or postmarked no later than the 15th of the
				following month. The director may enter into an agreement with a local
				administrative unit for an extension of this deadline for the employer report.
				No such extension is available for submission of the contributions.
(2) When the 15th
				of the month falls on a weekend or holiday, the report and contributions are
				due on the next workday.
(3) Local
				administrative units shall be assessed late charges for not submitting reports
				or contributions in accordance with the above schedule. A charge of fifty
				dollars ($50) per day shall be assessed for untimely reports. Upon a written
				showing of good cause, the director may waive charges to the local
				administrative unit for untimely reports. No such waiver of charges is
				available for late contributions. The charges for late contributions will be
				calculated at a rate equal to the state treasurer's overnight investment
				program rate plus one percent. The rate will be applied daily and cumulatively
				for the period of time from the 15th to the date of postmark. The late charge
				shall be the greater amount calculated by applying the foregoing rate or ten
				dollars ($10). The director shall report any and all such assessments and
				waivers to the board.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 9 - ADMINISTRATIVE UNIT REPORTS AND REMITTANCES › Section 2.82.9.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
The Educational Retirement Act, Sections 22-11-1 to 22-11-55
				  NMSA 1978.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 9 - ADMINISTRATIVE UNIT REPORTS AND REMITTANCES › Section 2.82.9.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
July 1, 2025, unless a later date is cited at the end of a
				  section or paragraph.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 9 - ADMINISTRATIVE UNIT REPORTS AND REMITTANCES › Section 2.82.9.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
Instructions for preparing and filing timely reports and
				  specifies penalties for late filing of reports or late deposit of
				  contributions.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 82 - EDUCATIONAL RETIREMENT › Part 9 - ADMINISTRATIVE UNIT REPORTS AND REMITTANCES › Section 2.82.9.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				"
Fiscal year
" means the New Mexico state government fiscal year -
				July 1 through June 30.
B.
				"
LAU
" means local administrative unit.
C. "
Terminate
" means to leave
				employment with an LAU for any reason.