New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 20 - ACCOUNTING BY GOVERNMENTAL ENTITIES
Part 7 - GOVERNING THE AUTOMATIC DIRECT DEPOSIT OF STATE EMPLOYEES' SALARY AND WAGES
Section 2.20.7.7 - DEFINITIONS
Current through Register Vol. 35, No. 18, September 24, 2024
A. "Direct deposit account" means a checking or savings account with a financial institution designated by a state employee to receive direct deposits of the state employee's net salary and wages.
B. "Direct deposit" means an electronic fund transfer whereby a state employee's net salary and wages are credited to an account designated by the employee.
C. "Division" means the financial control division of the department of finance and administration.
D. "Financial institution" means a financial institution located within the United States that is part of the electronic fund transfer network used by the division to make direct deposits.
E. "Net salary and wages" means the remainder due a state employee after all authorized payroll deductions have been taken from a state employee's gross wages. Authorized payroll deductions include state and federal taxes paid by the state employee, state employee contributions toward retirement programs administered by the public employees retirement association and educational retirement board, and state employee premiums for group benefits offered through the risk management division of the general services department.
F. "Salary and wages" means remuneration for personal services rendered by a state employee to a state agency, payment for authorized paid leave taken by a state employee, payment for accumulated annual leave and compensatory time upon separation from employment with the state, and payment for sick leave pursuant to Section 10-7-10 NMSA 1978.
G. "State agency" means any department, institution, board, bureau, commission, district or committee of the government of the state and means every office or officer of any of the above that utilizes the central payroll system operated by the division, pursuant to Section 6-5-2.1(I) NMSA 1978.
H. "State employee" means an employee of a state agency, including a person holding an elected office.
