New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 82 - EDUCATIONAL RETIREMENT
Part 12 - QUALIFIED EXCESS BENEFIT ARRANGEMENT
Section 2.82.12.11 - SOURCE OF PAYMENTS
Current through Register Vol. 35, No. 18, September 24, 2024
A. The ERB shall pay all benefits arising under the qualified excess benefit arrangement and all costs, charges, and expenses related thereto, but only to the extent that ERB has sufficient funds as derived from contributions made pursuant to Sections 22-11-21 and 22-11-21.1, and except for those costs normally borne by other agencies or offices of the State of New Mexico or its political subdivisions.
B. The ERB may establish a grantor trust within the meaning of sections 671 through 678 of the Internal Revenue Code to pay benefits arising hereunder. In that event, benefits hereunder shall be paid from such trust to the extent permitted under the terms of the trust.
