New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 86 - PUBLIC EMPLOYEES RETIREMENT RECIPROCITY
Part 200 - SERVICE CREDIT
Section 2.86.200.8 - GENERAL PROVISION
Universal Citation: 2 NM Admin Code 2.86.200.8
Current through Register Vol. 35, No. 18, September 24, 2024
A. Forfeited service credit may be reinstated by repayment of withdrawn member contributions, together with interest at the rate set by the board from the date of withdrawal to the date of repayment, under the following conditions:
(1) Service credit may be reinstated in
one-year increments, beginning with the most recently forfeited service credit.
A one-year increment is 12 consecutive but not necessarily continuous months of
service credit. After reinstatement of all 12-month "years" as defined herein,
any remaining service credit that totals less than 12 months may be reinstated
by payment in one lump sum as provided herein.
(2) All forfeited service credit may also be
reinstated by repayment of the total amount of all member contributions
withdrawn from each period of service together with interest at the rate set by
the board from the date of withdrawal to the date of repayment.
(3) A former member who is employed by an
employer covered under the Educational Retirement Act must provide evidence of
current contributing membership in the educational retirement association; such
evidence may include a current pay stub, certification by the employer, in the
form prescribed by the association, or certification by the educational
retirement association (ERA).
B. One month of service credit shall be accrued for every month in which the member is employed for a total of 15 or more days by any combination of employers covered under any state system.
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