Section 10-11-131 – Retirement board; officers; employment of services.
A. The retirement board shall elect from its own number a chairman and a vice chairman. B. The retirement board shall appoint an executive director who shall be the chief administrative officer for the retirement board and the association. C. The retirement board shall employ professional, technical, clerical and other services as required for the […]
Section 10-11-132 – Investment of funds; prudent investor standard; indemnification of board members.
The funds created by the state retirement system acts are trust funds of which the retirement board is trustee. Members of the retirement board jointly and individually shall be indemnified by the state from the funds administered by the retirement board from all claims, demands, suits, actions, damages, judgments, costs, charges and expenses, including court […]
Section 10-11-133 – Investment of funds; prudent investor standard; conditions.
A. Commissions paid for the purchase and sale of any security shall not exceed brokerage rates prescribed and approved by stock exchanges that have been approved by or are under the control of the United States securities and exchange commission or by industry practice. B. The retirement board shall invest and manage the funds administered […]
Section 10-11-133.1 – Disclosure of third-party marketers; penalty.
A. The retirement board shall not make any investment, other than investments in publicly traded equities or publicly traded fixed-income securities, unless the recipient of the investment discloses the identity of any third-party marketer who rendered services on behalf of the recipient in obtaining the investment and also discloses the amount of any fee, commission […]
Section 10-11-134 – Survivor benefit fund; disposition.
A. The pensions being paid from the survivor benefit fund on June 30, 1987 shall thereafter be paid from the retirement reserve fund. B. The actuarial present value of pensions being paid from the survivor benefit fund on June 30, 1987 shall be transferred from the survivor benefit fund to the retirement reserve fund. C. […]
Section 10-11-135 – Funds not subject to process.
Except as provided in Sections 10-11-136 and 10-11-136.1 NMSA 1978, none of the money, pensions or other benefits mentioned in the Public Employees Retirement Act shall be assignable either in law or in equity or be subject to execution, levy, attachment, garnishment or other legal process. History: Laws 1987, ch. 253, § 135; 1989, ch. […]
Section 10-11-123 – Funds of association.
A. The accounting funds of the association are the “member contribution fund”, “employers accumulation fund”, “retirement reserve fund” and “income fund”. The maintenance of separate accounting funds shall not require the actual segregation of the assets of the association among the various funds. B. The accounting funds provided for in Subsection A of this section […]
Section 10-11-124 – Member contribution fund.
A. The member contribution fund is the accounting fund in which shall be accumulated contributions of members and from which shall be made refunds and transfers of accumulated member contributions as provided in the Public Employees Retirement Act. Each affiliated public employer shall cause the member contributions specified by the coverage plan applicable to each […]
Section 10-11-125 – Member contributions; tax treatment.
Upon implementation, each affiliated public employer shall, solely for the purpose of compliance with Section 414(h) of the Internal Revenue Code, pick up, for the purposes specified in that section, member contributions required by the Public Employees Retirement Act for all salary earned by the member after implementation. Member contributions picked up under the provisions […]
Section 10-11-126 – Employers accumulation fund; employers contributions; transfers to retirement reserve fund.
A. The employers accumulation fund is the fund in which shall be accumulated contributions by affiliated public employers. Except as provided in Section 5 [10-11-5 NMSA 1978] of the Public Employees Retirement Act, an affiliated public employer shall remit its contributions to the association in accordance with the procedures and schedules established by the association. […]