New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 82 - EDUCATIONAL RETIREMENT
Part 7 - ANNUITANTS AND DISABILITY RECIPIENTS
Section 2.82.7.8 - BENEFIT PAYMENTS
Current through Register Vol. 35, No. 18, September 24, 2024
A. After the initial payment of benefits, payments shall be processed or mailed monthly, not later than the last day of the month for which they are paid.
B. At the time of death, a retired member's benefit shall be paid in accordance with the option selected, or if none was selected, the member's beneficiary who shall have been named at the time of retirement, shall receive the benefit for the month of the member's death or the excess of total contributions over total benefits received by the member, whichever is greater.
C. Upon the death of a member who is receiving disability benefits and who has rejected the coverage of option B, the member's surviving beneficiary shall receive the benefit due the member from the first day of the month of death to the date of death, inclusive, or the excess of total contributions over total benefits received by the member, whichever is greater.