New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 82 - EDUCATIONAL RETIREMENT
Part 12 - QUALIFIED EXCESS BENEFIT ARRANGEMENT
Section 2.82.12.7 - DEFINITIONS
Current through Register Vol. 35, No. 18, September 24, 2024
A. "Excess Benefit" means the monthly actuarial equivalent of the difference between the Unrestricted Benefit and the Maximum Benefit.
B. "Maximum Benefit" means the monthly actuarial equivalent of the maximum benefit permitted by section 415(b) of the Internal Revenue Code to be paid to a member or a beneficiary of the member during any Limitation Year,
C. "Limitation Year" means the calendar year.
D. "Unrestricted Benefit" means the maximum monthly retirement benefit payable to a member during any Limitation Year under Section 22-11-30 or 22-11-37, as applicable, determined without regard to the application of section 415(b) of the Internal Revenue Code.
