New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 20 - ACCOUNTING BY GOVERNMENTAL ENTITIES
Part 4 - GOVERNING THE AWARD OF PAYROLL DEDUCTION CODES AND DESIGNATION AND IMPLEMENTATION OF QUALIFIED EMPLOYEE BENEFIT PROGRAMS
Section 2.20.4.7 - DEFINITIONS

Universal Citation: 2 NM Admin Code 2.20.4.7

Current through Register Vol. 35, No. 18, September 24, 2024

A. "Open and switch enrollment period" is an annual six-week period during which state employees may enroll in a specific qualified employee benefit program or may switch from enrollment in such a program offered by one qualified vendor to that offered by a different qualified vendor.

B. "Payroll deduction code" is a computer code under which a portion of a state employee's salary is automatically diverted from the employee to an account for the entity holding the code.

C. "Qualified employee benefit program" means a program offered by a qualified vendor to state employees:

(1) which requires a payroll deduction of a stable dollar amount (a change in price during an open and switch enrollment period is permitted) for an unlimited duration (subject to employee cancellation);

(2) which offers employees a benefit not provided, or not provided in sufficient amount or with adequate specifications, by an existing, state-sponsored program;

(3) which is determined by risk management to offer significant benefit for the cost; and

(4) which offers a benefit to employees at substantial savings over what an individual employee could obtain without the benefit of the group-rate savings available through a payroll deduction plan.

D. "Qualified vendor" means a person or business entity:

(1) which offers a qualified employee benefit program;

(2) which maintains 100 or more state employees enrolled in the program;

(3) which is registered and in good standing with the requisite New Mexico business regulatory agency (e.g., the superintendent of insurance);

(4) which has, and agrees to maintain, a physical and permanent commercial office and staff in New Mexico readily accessible to employees it is servicing; and

(5) which is willing to abide by rules and regulations promulgated by the department of finance and administration concerning the operation of payroll deduction plans.

E. "Risk management" means the risk management division of the general services department.

F. "Secretary" means secretary of finance and administration.

Disclaimer: These regulations may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.