New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 82 - EDUCATIONAL RETIREMENT
Part 12 - QUALIFIED EXCESS BENEFIT ARRANGEMENT
Section 2.82.12.10 - COMPUTATION, COMMENCEMENT AND FORM OF EXCESS BENEFIT
Current through Register Vol. 35, No. 6, March 26, 2024
A. A member who is receiving retirement benefits in accordance with Section 22-11-29 or 22-11-30 or disability benefits in accordance with Section 22-11-37, or a beneficiary who is receiving survivor benefits following the death of the member, shall be entitled to receive an Excess Benefit for any month in which he or she receives a monthly retirement or survivor benefit.
B. Any Excess Benefit payable to a member or a beneficiary shall be paid at such time or times and in such a form to the member or the member's beneficiary as the retirement benefit under Section 22-11-29 or 22-11-30 or the disability benefit under Section 22-11-37 is paid. The member or beneficiary shall have the right to receive as a portion of his or her first payment hereunder an amount equal to the sum of the Excess Benefit otherwise payable to him or her since July 1, 1999, had this arrangement been in effect as of July 1, 1999.
