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 2.80.200.11 - ACTUARIAL ASSUMPTIONS AND USE OF TRUST FUND
Universal Citation: 2 NM Admin Code 2.80.200.11
Current through Register Vol. 35, No. 18, September 24, 2024
A. Whenever the amount of any benefit is to be determined on the basis of actuarial assumptions, the assumptions shall be specified by the board in a manner that precludes employer discretion.
B. No part of the corpus or income of the fund may be used for or diverted to a purpose other than the exclusive benefit of the members and their beneficiaries.
C. The board may not engage in a transaction prohibited by Section 503(b) of the Internal Revenue Code.
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