Section 10-11-129 – Distribution of income fund.
The association shall at least annually distribute all or a portion of the balance in the income fund to the member contribution fund, the retirement reserve fund and the employer accumulation fund. Distribution rates shall be determined by the retirement board and may vary by fund. History: Laws 1987, ch. 253, § 129.
Section 10-11-129.1 – Legislative retirement fund.
The “legislative retirement fund” is created in the state treasury. The fund shall consist of money distributed, transferred or otherwise accruing to the fund. Money in the fund may be appropriated by the legislature to finance state legislator member coverage plan 2 pursuant to the Public Employees Retirement Act. Income from investment of the fund […]
Section 10-11-130 – Retirement board; authority; membership.
A. The “retirement board” is created and is the trustee of the association and the funds created by the state retirement system acts and has all the powers necessary or convenient to carry out and effectuate the purposes and provisions of the state retirement system acts, including, in addition to any specific powers provided for […]
Section 10-11-122 – Public employer affiliation.
A. A public employer who is an affiliated public employer on the effective date of the Public Employees Retirement Act shall continue to be an affiliated public employer. B. A public employer who is not an affiliated public employer on the effective date of the Public Employees Retirement Act may become an affiliated public employer […]
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 10-11-115.5 – Municipal detention officer member coverage plan 1; member contribution rate.
A member under municipal detention officer member coverage plan 1 shall contribute sixteen and sixty-five hundredths percent of salary with the first full pay period in the calendar month in which municipal detention officer member coverage plan 1 becomes applicable to the member, except that a member whose annual salary is greater than twenty-five thousand […]
Section 10-11-115.6 – Municipal detention officer member coverage plan 1; employer contribution rate.
The affiliated public employer shall contribute the following percentages of the salary of each member under municipal detention officer member coverage plan 1 starting with the first pay period that ends within the calendar month in which municipal detention officer member coverage plan 1 becomes applicable to the member: A. prior to July 1, 2022, […]
Section 10-11-115.7 – Municipal detention officer member coverage plan 1; service credit required for municipal detention officer members.
Notwithstanding other provisions of the Public Employees Retirement Act, to qualify for retirement pursuant to municipal detention officer member coverage plan 1, a municipal detention officer member shall have eighteen months of service credit earned under that coverage plan. History: Laws 2003, ch. 268, § 8. ANNOTATIONS Effective dates. — Laws 2003, ch. 268, § […]
Section 10-11-116 – Election of form of payment of a pension.
A. Except as otherwise provided in Section 10-11-136 NMSA 1978, a member may elect to have pension payments made under any one of the forms of payment provided in Section 10-11-117 NMSA 1978. The election of form of payment and naming of survivor beneficiary shall be made on a form furnished by and filed with […]