New Mexico Statutes 10-13A-2. Definitions
As used in the Public Employees Retirement Reciprocity Act:
Terms Used In New Mexico Statutes 10-13A-2
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
A. “association” means the public employees retirement association of New Mexico; B. “board” means the retirement board provided for in the Public Employees Retirement Act [N.M. Stat. Ann. Chapter 10, Article 11] or the educational retirement board;
C. “educational retirement system” means that retirement system provided for in the Educational Retirement Act [N.M. Stat. Ann. Chapter 22, Article 11];
D. “eligible reciprocal service credit” means a minimum of one month of service credit under any state system as calculated according to the retirement act applicable to the member;
E. “former member” means a person who was previously employed by an employer covered by a state system, who has terminated that employment and who has received a refund of member contributions;
F. “judicial retirement system” means that retirement system provided for in the Judicial Retirement Act [N.M. Stat. Ann. Chapter 10, Article 12B];
G. “magistrate retirement system” means that retirement system provided for in the Magistrate Retirement Act [N.M. Stat. Ann. Chapter 10, Article 12C]; H. “member” means:
(1) a currently employed, contributing employee of an employer covered by a state system; or
(2) a person who has been but is not currently employed by an employer covered by a state system, who has not retired and who has not received a refund of member contributions from the state system under which he was covered;
I. “member contributions” means the amounts deducted from the salary of a member and credited to the member’s individual account in a state system, together with interest, if any, credited to that account;
J. “pension” means a series of monthly payments to a retired member or survivor beneficiary as defined and provided in the Educational Retirement Act, the Public Employees Retirement Act, the Magistrate Retirement Act or the Judicial Retirement Act;
K. “public employees retirement system” means that retirement system provided for in the Public Employees Retirement Act;
L. “retire” means to:
and (1) terminate employment with all employers covered by any state system;
(2) receive a pension benefit from one state system;
M. “salary” means the member’s salary as defined under the applicable retirement act; and
N. “state system” means a retirement program provided for in the Educational Retirement Act, the Public Employees Retirement Act, the Magistrate Retirement Act or the Judicial Retirement Act.