New Mexico Administrative Code
Title 1 - GENERAL GOVERNMENT ADMINISTRATION
Chapter 6 - RISK MANAGEMENT
Part 3 - BUDGETING AND PAYMENT OF ASSESSMENTS FOR UNEMPLOYMENT COMPENSATION BENEFITS BY STATE AGENCIES AND LOCAL PRIVATE BODIES
Section 1.6.3.16 - VOLUNTARY DEPARTURE OF THE LOCAL PUBLIC BODY UNEMPLOYMENT COMPENSATION RESERVE FUND
Universal Citation: 1 NM Admin Code 1.6.3.16
Current through Register Vol. 35, No. 18, September 24, 2024
A. A local public body that participates in the local public body fund may voluntarily depart the fund if:
(1) the local public body
has participated in the fund for at least the five consecutive years
immediately preceding departure;
(2) the local public body applies for
departure in writing before September 1 of the year it intends to depart,
and
(3) the local public body has
secured written approval to depart from RMD.
B. The last effective date of coverage for a local public body departing the fund in a given year shall be December 31 of the year of departure.
C. The local public body shall remain obligated to pay RMD for any claims with a date of loss prior to its departure from the fund on December 31.
D. Following departure, a local public body shall resume its sole responsibility to pay its unemployment claims to the department of workforce solutions on January 1.
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