New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 84 - MAGISTRATE RETIREMENT
Part 600 - INTERCEPTION OR DIVISION OF PAYMENTS
Section 2.84.600.10 - DIVORCE DECREE OR ORDER

Universal Citation: 2 NM Admin Code 2.84.600.10

Current through Register Vol. 35, No. 18, September 24, 2024

A. The following information must be contained in a divorce decree or order which divides the community interest in MRA retirement pensions or contributions:

(1) specific information identifying the parties, i.e., full names, addresses, social security numbers, retirement numbers if any;

(2) a declaration that there is a community interest in a member's pension or member contributions;

(3) the percentage or dollar amount of each party's interest in the gross pension as calculated at the time of retirement;

(4) the percentage or dollar amount of each party's interest in member contributions;

(5) a direct order to PERA restraining refund of member contributions except according to the provisions of the decree or order, if such a restraint is desired;

(6) liability for and payment of federal and state income taxes;

(7) a direct order to PERA to issue separate warrants to each party.

B. A separate account may not be created for a member's former spouse who has a court-determined interest in a member's account.

C. A model order or decree containing provisions for the determination and division of the community interest in a MRA member's account shall be available on request from PERA's office of general counsel.

D. Payments made pursuant to such orders shall only be made when member contributions are refunded or a pension is payable in accordance with the provisions of the Magistrate Retirement Act. PERA shall not be obligated to administer pension benefits in accordance with such orders until the first of the month following written approval by the office of general counsel.

E. Member files must contain current names and addresses for persons having a court-determined interest in member retirement accounts. Any person with such an interest must provide PERA with a written statement of change of name or address. If a warrant is returned as undeliverable because of incorrect name or address, the money due the person will accumulate in the fund until PERA is furnished with the correct information. No interest shall be paid on any monies so accumulated.

F. Each party must submit a completed W-4 to PERA when applying for a retirement pension.

G. A court order requiring an election of a particular form of payment at retirement or the designation of one or more beneficiaries shall be addressed to the member, and the member shall be responsible for executing the proper PERA forms and providing the documentation necessary to effectuate the election or designation(s). A member who violates such an order may be in contempt of court.

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