Current through Register Vol. 35, No. 18, September 24, 2024
A. A
previously retired member who is subsequently employed by an affiliated public
employer and whose pension is suspended pursuant to NMSA 1978, Section
10-11-8(C) shall not become a member. The previously retired member will be
eligible to reinstate his or her pension upon termination of the subsequent
employment under the following conditions:
(1)
the member files an application for reinstatement of pension in the form
required by PERA; and
(2) the
member's pension, under form of payment A, shall not be less than the amount of
the previous pension under form of payment A; and
(3) reinstatement of the pension does not
constitute the member's latest retirement for purposes of cost-of-living
adjustment eligibility pursuant to NMSA 1978, Section 10-11-118(C).
B. A previously retired member who
is subsequently employed by an affiliated public employer and whose pension is
suspended upon one of the following grounds shall become a member:
(1) he or she has been employed as an
employee of an affiliated public employer or retained as an independent
contractor by the affiliated public employer from which the retired member
retired within twelve consecutive months from the date of retirement to the
commencement of employment or reemployment with an affiliated public employer;
or
(2) he or she makes an election
pursuant to NMSA 1978, Section 10-11-8(F).
C. A previously retired member who has
subsequently become a member will be eligible re-retire at the termination of
the subsequent employment period under the following conditions:
(1) The member files an application for
retirement in accordance with the provisions of 2.80.700.10 NMAC.
(2) The recalculated pension, under form of
payment A, shall not be less than the amount of the suspended pension under
form of payment A.
(3) If the
re-retiring member acquires three or more years of service credit during the
subsequent employment with an affiliated public employer, the following
provisions apply:
(a) the re-retiring member
may re-retire under the coverage plan applicable at the time of
re-retirement;
(b) the pension
payment shall be made employing the form of payment selected by the re-retiring
member upon the member's application for re-retirement; and
(c) the re-retiring member may designate any
person as survivor beneficiary, subject to the provisions of NMSA 1978, Section
10-11-116.
