New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 81 - RETIREE HEALTH CARE FUNDS
Part 10 - POST-1997 PARTICIPATING EMPLOYER/EMPLOYEE CONTRIBUTIONS RULE
Section 2.81.10.9 - EMPLOYER/EMPLOYEE CONTRIBUTIONS (MADE IN ADDITION TO SURPLUS-AMOUNT CONTRIBUTIONS)
Current through Register Vol. 35, No. 18, September 24, 2024
In addition to surplus-amount contributions, post-1997 participating employers are responsible for making employer/employee contributions in the amount determined by the NMRHCA board. Post-1997 participating employer/employee monthly contributions shall be the greater of the following:
A. employer contributions in the amount of one percent of each participating employee's annual salary and employee contributions in an amount equal to one-half of one percent of the each employee's salary; or
B. the average monthly employer/employee contribution per participating employee received by the NMRHCA during the previous fiscal year multiplied by the NMRHCA ratio of contributing employees vs. eligible retirees during the previous fiscal year multiplied by the post-1997 participating employer's current number of retirees; example: Employer Red has 10 retirees, the average monthly combined employer and employee contributions received by the NMRHCA per retiree for the previous fiscal year is $35.00; the NMRHCA ratio of contributing employees vs. eligible retirees for the previous fiscal year is 5:1; Employer Red must make a monthly combined employer/employee contribution of $175.00 ($35.00 x 5) multiplied by the total number of Employer Red's retirees (10) for a total monthly combined contribution of $1,750.00;