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 2.20.4.8 - PERMITTED PAYROLL DEDUCTIONS
Current through Register Vol. 35, No. 18, September 24, 2024
A. Payroll deduction codes shall be allowed for the following purposes:
B. In order to pay for the ongoing administrative costs of administrating payroll deductions for qualified employee benefit programs, the department of finance and administration shall retain three percent from the total deductions made for each qualified employee benefit program under a payroll deduction code each pay period. In order to offset the costs to risk management of evaluating programs of vendors applying for payroll deduction codes, the department of finance and administration shall charge an application fee of five hundred dollars ($500) to each vendor proposing a program, which fee shall be forwarded to the risk management division of the general services department.
C. Employee benefit programs which had payroll deduction codes prior to the adoption of this rule may not enroll additional state employees unless they fully comply with this rule.