TITLE 2 PUBLIC FINANCE
CHAPTER 85 DEFERRED COMPENSATION
PART 200 DOMESTIC
RELATIONS ORDERS FOR DIVISION OF DEFERRED COMPENSATION ACCOUNTS AT DIVORCE/
WITHHOLDING OF CHILD
SUPPORT
OBLIGATIONS
2.85.200.1 ISSUING
AGENCY: Public Employees
Retirement Association, P.O. Box 2123, Santa Fe, New Mexico 87503-2123
[10-15-97;
2.85.200.1 NMAC - Rn, 2 NMAC 85.200.1, 8-15-01]
2.85.200.2 SCOPE: This rule affects participants,
ex-spouses of participants, former participants, ex-spouses of former
participants, and the deferred compensation third party administrator under the
Deferred Compensation Act.
[10-15-97;
2.85.200.2 NMAC - Rn, 2 NMAC 85.200.2, 8-15-01; A, 1-31-02]
2.85.200.3 STATUTORY
AUTHORITY: This rule is
authorized by NMSA 1978, Sections 10-7A-11 and 10-7A-12.
[10-15-97;
2.85.200.3 NMAC - Rn, 2 NMAC 85.200.3, 8-15-01]
2.85.200.4 DURATION: Permanent.
[10-15-97;
2.85.200.4 NMAC - Rn, 2 NMAC 85.200.4, 8-15-01]
2.85.200.5 EFFECTIVE
DATE: July 1, 1991
unless a different date is cited at the end of a section.
[10-15-97;
2.85.200.5 NMAC - Rn, 2 NMAC 85.200.5, 8-15-01]
2.85.200.6 OBJECTIVE: The objective of this rule is
to establish standards and procedures for dividing the community interest in
deferred compensation plans.
[10-15-97;
2.85.200.6 NMAC - Rn, 2 NMAC 85.200.6, 8-15-01]
2.85.200.7 DEFINITIONS: [Reserved]
[2.85.200.7 NMAC -
Rn, 2 NMAC 85.200.7, 8-15-01]
2.85.200.8 GENERAL
PROVISIONS
A. Funds from a deferred compensation account may be paid to
an alternate payee upon submission of a domestic relations order that conforms
to the requirements of this rule and the deferred compensation plan. Funds may also be paid as a result of an
approved unforeseen emergency as defined in 26 C.F.R. Section 1.457-2(h)(4). Divorce is not an unforeseeable emergency.
B. A conformed copy of a plan-approved domestic relations
court order which determines the community interest in or child support
obligation from a participating employee's state of New Mexico deferred
compensation plan ["plan"] and assigns a separate interest to the
participating employee's spouse, former spouse, child or other dependent shall
be provided to the deferred compensation third party administrator
["administrator"] within a reasonable time after entry of the order.
C. The following information must be
contained in the domestic relations order:
(1) the name, social security number and last
known mailing address of the participating employee and the alternate payee;
(2) the amount or percentage of the
participating employee’s benefit to be paid to the alternate payee, or the
manner in which such amount is to be determined;
(3) the relationship of the alternate payee to
the participating employee;
(4) the
number of payments or the period to which the domestic relations order applies;
(5) the specific name of each plan covered by
the domestic relations order;
(6) all required signatures must be signed by
the court.
D. Upon receipt of an appropriate court order, the
administrator will provide notice by certified mail, return receipt requested,
to a spouse, former spouse or child or other dependent who has a court
determined interest in a participating public employee's plan when an
application from the participating employee requesting disbursal is received by
the administrator.
E. The administrator's files must contain current names and
addresses for persons having an interest in plan accounts. Any person who has an interest in a plan
account must provide the administrator with a written, notarized statement of
any change of name or address made after entry of the court order. If a notice is returned as undeliverable
because of incorrect name or address, the administrator will not be responsible
for further attempts at notification.
[10-15-97;
2.85.200.8 NMAC - Rn & A, 2 NMAC 85.200.8, 8-15-01; A, 12-28-01]
HISTORY of 2.85.200 NMAC:
Pre-NMAC History: The material in this part was derived
from that previously filed with the State Records Center and Archives under:
DC Rule 200, Division of Deferred
Compensation Accounts at Divorce, filed on 12-29-89;
DC Rule 200, Division of Deferred
Compensation Accounts at Divorce, filed on 7-1-91.