New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 80 - PUBLIC EMPLOYEES RETIREMENT
Part 200 - ORGANIZATION AND OPERATION OF THE PUBLIC EMPLOYEES RETIREMENT BOARD
Section 2.80.200.10 - RULES AND REGULATIONS
Universal Citation: 2 NM Admin Code 2.80.200.10
Current through Register Vol. 35, No. 18, September 24, 2024
A. Except as otherwise provided in the Public Employees Retirement Act and rules and regulations periodically adopted in accordance therewith, the board may provide for its organization, operation and procedures by vote of the board at any meeting of the board.
B. The board may promulgate rules and regulations for the administration of the Public Employees Retirement Act, Judicial Retirement Act, Magistrate Retirement Act, Volunteer Firefighters Retirement Act and Deferred Compensation Act.
(1)Prior to the adoption, amendment or repeal
of any rule, the board shall, at least 30 days prior to its proposed action:
(a) publish notice of its proposed action in
a newspaper with a general statewide circulation; the notice shall:
(i) give the time and place of any public
hearing and state the manner in which data, views or arguments may be submitted
to the board by any interested person;
(ii) describe the substance of the proposed
action, or state the subjects and issues involved;
(iii) include any additional matter required
by any law, together with specific reference to the statutory authority under
which the rule is proposed; and
(b) afford all interested persons reasonable
opportunity to submit data, views or arguments orally or in writing; if the
board finds that oral presentation is unnecessary or impracticable, it may
require that presentation be made in writing; the board shall consider fully
all written and oral submissions addressing the proposed rule; upon adoption of
a rule contested at hearing or otherwise, the board shall issue a concise
statement of its principal reasons for adoption of the rule; all persons heard
or represented at any hearing, or who submit any writing to be considered in
connection with the proposed rule, shall promptly be given a copy of the rule,
by mail or otherwise, if such persons so request in writing.
(2)If the board finds that
immediate adoption, amendment or suspension of a rule is necessary for the
preservation of the soundness of the fund or general welfare of the
association, or if the board for good cause finds that observance of the
requirements of notice and public hearing would be contrary to the interests of
the association, the board may dispense with such requirements and adopt, amend
or suspend the rule as an emergency. The board's finding and a brief statement
of the reasons for its finding shall be incorporated in the emergency rule,
amendment or suspension. No emergency rule, amendment or suspension shall
remain in effect for longer than 60 days, unless notice shall be given within
15 days of the adoption of the emergency rule and a hearing held as provided in
this section within 90 days of the notice.
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.
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