TITLE 2 PUBLIC FINANCE
CHAPTER 86 PUBLIC EMPLOYEE RETIREMENT RECIPROCITY
PART 300 NORMAL RETIREMENT
2.86.300.1 ISSUING
AGENCY: Public Employees
Retirement Association, P. O. Box 2123, Santa Fe, New Mexico 87504-2123
[10-15-97;
2.86.300.1 NMAC - Rn, 2 NMAC 86.300.1, 12-28-01]
2.86.300.2 SCOPE: This rule affects the
affiliated public employers and employees under the coverage plans of the
Public Employees Retirement Act, the educational retirement association, the educational
retirement board and the public employees retirement board.
[10-15-97;
2.86.300.2 NMAC - Rn, 2 NMAC 86.300.2, 12-28-01]
2.86.300.3 STATUTORY
AUTHORITY: This rule is
authorized by NMSA 1978, Section 10-13A-4, as amended.
[10-15-97;
2.86.300.3 NMAC - Rn, 2 NMAC 86.300.3, 12-28-01]
2.86.300.4 DURATION: Permanent.
[10-15-97;
2.86.300.4 NMAC - Rn, 2 NMAC 86.300.4, 12-28-01]
2.86.300.5 EFFECTIVE
DATE: July 1, 1992
unless a different date is cited at the end of a section.
[10-15-97;
2.86.300.5 NMAC - Rn, 2 NMAC 86.300.5, 12-28-01]
2.86.300.6 OBJECTIVE: The objective of this rule is
to establish standards and procedures to allow members who have accrued
eligible reciprocal service credit to retire and obtain the aggregate of all
pension components.
[10-15-97;
2.86.300.6 NMAC - Rn, 2 NMAC 86.300.6, 12-28-01]
2.86.300.7 DEFINITIONS: [Reserved]
2.86.300.8 GENERAL
PROVISIONS
A. The Public Employees Retirement Reciprocity Act
applies only to normal retirement pensions, and not to disability retirement or
survivor pensions.
B. Members with eligible reciprocal service credit
shall retire according to the provisions of the state system retirement act
under which the member’s last employer is covered, and rules promulgated
thereunder.
C. For the purpose of compliance with NMSA 1978,
Section 10-13A-4(D) (1) (C), the PERA final average salary shall be the amount
of pension calculated under form of payment A.
D. If the total amount of the pension calculated
under the provisions of the Public Employees Retirement Reciprocity Act exceeds
the amount allowed under NMSA 1978, Section 10-13A-4(D)(1), each component of
the pension shall be reduced by the same percentage as the ratio of that
component to the total amount of the pension.
E. Pursuant to NMSA 1978, Section 10-13A-4(E), the
payor fund shall be reimbursed on a monthly basis by any or all state systems
under which the member has accrued eligible reciprocal service credit. If a state system must reimburse a payor fund
on behalf of more than one member, the amount of reimbursement shall be the
aggregate of all pension components attributable to eligible reciprocal service
credit accrued by each member under that state system. Payment shall be made in
the form authorized by the department of finance and administration.
[10-15-97;
2.86.300.8 NMAC - Rn, 2 NMAC 86.300.8, 12-28-01]
HISTORY
of 2.86.300 NMAC:
Pre-NMAC
History: The material in this part was derived from that
previously filed with the State Records Center and Archives under:
PERRA Rule 300,
Reciprocity Rule - Normal Retirement, filed on 7-1-92.