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Code · New Mexico · Chapter 22 — Public Schools · Article 11 — Educational Retirement

22-11-48. Alternative retirement plan; contributory employment.

121 words·~1 min read·/nm/chapter-22-public-schools/article-11-educational-retirement/22-11-48·

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A. Contributions made by a qualifying state educational institution on behalf of a participant together with any interest accrued on those contributions shall be credited to the benefit of the participant and shall be distributed or treated as agreed upon between the contractor or carrier providing the alternative retirement plan benefits and the board.
B. Contributions of a participant who terminates employment together with any applicable interest accrued on those contributions shall remain the property of the participant and the contributions, interest and any benefits based on them shall be treated as agreed upon between the contractor or carrier providing the alternative retirement plan benefits and the board.
History: 1978 Comp., § 22-11-48, enacted by Laws 1991, ch. 118, § 6.
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