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 1.6.3.8 - GOVERNMENTAL ENTITY BUDGETS, RATES FOR UNEMPLOYMENT COMPENSATION BENEFITS AND ADMINISTRATIVE EXPENSES
Current through Register Vol. 35, No. 18, September 24, 2024
RMD shall prescribe annually before April 15, a schedule of minimum rates per employee to be budgeted by governmental entities for the succeeding year. Rates shall include administrative expenses. Rates shall be determined as follows.
A. A schedule of initial rates shall be developed by RMD to be used until governmental entities are experience rated. One initial rate shall apply to the state agencies in the state fund and another initial rate shall apply to local public bodies in the local public body fund.
B. Rate schedules to be used for those that are to be experience rated shall take into account the prior experience of the governmental entity, the amount of reserves the governmental entity has on deposit in the fund, and the balance in the fund. Separate schedules shall be developed for the state fund and the local public body fund.
C. RMD shall notify each participating entity of the rates to be used the next fiscal year by April 15; or as an alternative RMD may notify the state budget organization serving each entity of the rate for the entities they service.
