New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 86 - PUBLIC EMPLOYEES RETIREMENT RECIPROCITY
Part 300 - NORMAL RETIREMENT
Section 2.86.300.8 - GENERAL PROVISIONS

A. The Public Employees Retirement Reciprocity Act applies only to normal retirement pensions, and not to disability retirement or survivor pensions.

B. Members with eligible reciprocal service credit shall retire according to the provisions of the state system retirement act under which the member's last employer is covered, and rules promulgated thereunder.

C. For the purpose of compliance with NMSA 1978, Section 10-13A-4(D) (1) (C), the PERA final average salary shall be the amount of pension calculated under form of payment A.

D. If the total amount of the pension calculated under the provisions of the Public Employees Retirement Reciprocity Act exceeds the amount allowed under NMSA 1978, Section 10-13A-4(D)(1), each component of the pension shall be reduced by the same percentage as the ratio of that component to the total amount of the pension.

E. Pursuant to NMSA 1978, Section 10-13A-4(E), the payor fund shall be reimbursed on a monthly basis by any or all state systems under which the member has accrued eligible reciprocal service credit. If a state system must reimburse a payor fund on behalf of more than one member, the amount of reimbursement shall be the aggregate of all pension components attributable to eligible reciprocal service credit accrued by each member under that state system. Payment shall be made in the form authorized by the department of finance and administration.