Sections 1 through 10 [10-7A-1 to 10-7A-10 NMSA 1978] of this act may be cited as the “Deferred Compensation Act”. History: Laws 1981, ch. 155, § 1. ANNOTATIONS Compiler’s notes. — “Sections 1 through 10 of this act,” referred to in this section, refers to Laws 1981, ch. 155, §§ 1 to 10, which are […]
Any expenditure necessary to implement the Deferred Compensation Act shall be charged to participating employees or to deferred compensation carriers including those submitting proposals. History: Laws 1981, ch. 155, § 10; 1985, ch. 161, § 6. ANNOTATIONS Cross references. — For salary reductions for deferred compensation plans, see 10-7-8 NMSA 1978. Agreement with company administering […]
The board may adopt such rules and enter into such agreements as may be necessary to implement the Deferred Compensation Act; provided, however, that any expenditures associated therewith are charged as provided in Section 10-7A-10 NMSA 1978. History: 1978 Comp., § 10-7A-11, enacted by Laws 1985, ch. 161, § 7.
A court of competent jurisdiction, solely for the purposes of effecting a division of community property, may provide by appropriate order for a determination and division of a community interest in the deferred compensation plan provided for in the Deferred Compensation Act. Pursuant to such a court order a deferred compensation administrator shall provide notice, […]
As used in the Deferred Compensation Act: A. “board” means the public employees retirement board; B. “local public body” means all political subdivisions of the state, their agencies, instrumentalities and institutions; C. “local public employee” means any officer or employee to whom a local public body pays a salary for services rendered; D. “deferred compensation […]
A. After the effective date of the Deferred Compensation Act, the board shall review and approve deferred compensation plans for participation by state and local public employees. A deferred compensation plan shall provide for the method of transfer of funds to a plan through written or electronic salary reduction agreements with state and local public […]
The deferred compensation plan may allow persons other than public employees, who provide services to the state or any local public body, to participate in the plan to the extent permitted by federal law. History: Laws 1981, ch. 155, § 4.
A. The board shall review proposals providing investment options to participants of a deferred compensation plan submitted by deferred compensation carriers that have been engaged for a minimum of three years in the business of funding public employee deferred compensation plans authorized by 26 U.S.C. Section 457 and approve proposals that are consistent with the […]
The board may select a deferred compensation plan that offers varied investment options to participating employees. History: Laws 1981, ch. 155, § 6; 1985, ch. 161, § 4. ANNOTATIONS Cross references. — For types of plans which may be approved, see 10-7A-5 NMSA 1978.
Income deferred pursuant to the Deferred Compensation Act and any gains arising from such income, shall be subject to New Mexico income tax and other applicable taxes in the same year or years in which the income is subject to federal income tax pursuant to federal law. History: Laws 1981, ch. 155, § 7.
A. Local public employees shall be eligible to participate in a deferred compensation plan approved by the board upon the filing of a local public body’s participation agreement, conforming to board requirements, applicable to its local public employees and such other participants permitted by the plan as the local public body may elect. Such filing […]
Any state or local public body deferred compensation plan in existence on the effective date of the Deferred Compensation Act shall not be affected and may be made available to employees and other persons of the state agency or local public body which had adopted said deferred compensation plan on the same basis as on […]
