Section 10-11-118 – Cost-of-living adjustments; qualified pension recipient; declining increase.
A. As used in this section: (1) “cost-of-living adjustment hurdle rate” means the investment rate of return required to fund a cost-of-living adjustment in excess of one-half percent, as determined by the association’s actuaries; (2) “funded ratio” means the ratio of the actuarial value of the assets of the fund to the actuarial accrued liability […]
Section 10-11-118.1 – Adjustment of benefits.
A. If payment of a pension or other retirement benefit causes a decrease in the amount of monetary payments or other needs-based benefits due to a payee from any other governmental agency, the pension or other retirement benefit shall be reduced for the period during which the pension or other retirement benefit prevents payment of […]
Section 10-11-119 – Commencement, change and termination of a pension.
A. A normal or disability pension shall commence the first day of the month following retirement. A preretirement survivor pension shall commence the first day of the month following the date of the death resulting in the pension. A postretirement survivor pension shall commence the first day of the month following the date of the […]
Section 10-11-120 – Denial of benefit claim; appeals.
A. A benefit claimant shall be notified in writing of a denial of a claim for benefits within thirty days of the denial. The notification shall give the reason for the denial. A claimant may appeal the denial and request a hearing. The appeal shall be in writing filed with the association within ninety days […]
Section 10-11-121 – Group health insurance; continuation; group life insurance.
A. Any member or survivor pension beneficiary may continue to be insured under the provisions of any affiliated public employer’s group health insurance plan in effect at the time of retirement or death or under the terms of any separate subsequent group health insurance plan of the affiliated public employer if the retired member or […]
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 10-11-105 – Municipal fire member coverage plan 4; age and service requirements for normal retirement.
Under municipal fire member coverage plan 4: A. for a member who was a retired member or a member on June 30, 2013, the age and service requirements for normal retirement are: (1) age sixty-five years or older and five or more years of credited service; (2) age sixty-four years and eight or more years […]
Section 10-11-106 – Municipal fire member coverage plan 4; amount of pension; form of payment A.
Under municipal fire member coverage plan 4: A. for a member with age and service requirements provided under Subsection A of Section 10-11-105 NMSA 1978, the amount of pension under form of payment A is equal to three percent of the final average salary multiplied by credited service. The amount shall not exceed ninety percent […]
Section 10-11-107 – Repealed.
History: Laws 1987, ch. 253, § 107; repealed by Laws 2009, ch. 288, § 20. ANNOTATIONS Repeals. — Laws 2009, ch. 288, § 20 repealed 10-11-107 NMSA 1978, as enacted by Laws 1987, ch. 253, § 107, relating to municipal fire member coverage plan 4, final average salary, effective July 1, 2011. For provisions of […]
Section 10-11-108 – Municipal fire member coverage plan 4; member contribution rate.
A member under municipal fire member coverage plan 4 shall contribute twelve and eight-tenths percent of salary with the first full pay period in the calendar month in which municipal fire member coverage plan 4 becomes applicable to the member, except that a member whose annual salary is greater than twenty-five thousand dollars ($25,000) shall […]