There is a newer version of the New Mexico Statutes
2013 New Mexico Statutes
Chapter 22 - Public Schools
Article 11 - Educational Retirement
Section 22-11-34 - Allowed service credit. (2009)
NM Stat § 22-11-34 (2013) What's This?
22-11-34. Allowed service credit. (2009)
A. A member shall be certified to have acquired allowed service credit pursuant to the Internal Revenue Code of 1986 for those periods of time when the member was:
(1) employed prior to July 1, 1967 in a federal educational program within New Mexico, including United States Indian schools and civilian conservation corps camps. This service credit shall be allowed without contribution;
(2) engaged in military service that interrupted the member's employment in New Mexico if the member returned to employment within eighteen months following honorable discharge. This service credit shall be allowed without contribution;
(3) engaged in United States military service or the commissioned corps of the public health service from which the member was honorably discharged; provided that:
(a) the member shall have five years or more of contributory employment to be eligible to purchase allowed service credit pursuant to this paragraph;
(b) the member shall contribute to the fund, for each year of service credit the member elects to purchase, a sum equal to the member's average annual actual salary for the five years preceding the date of the contribution multiplied by the sum of the member contribution rate and the employer contribution rate in effect at the time of the member's written election to purchase, subject to the federal Uniformed Services Employment and Reemployment Rights Act of 1994;
(c) full payment shall be made in a single lump sum within sixty days of the date that the member is informed of the amount of the payment; and
(d) the portion of the purchase cost derived from the employer's contribution rate shall be credited to the fund and, in the event that a member requests a refund of contributions pursuant to Section 22-11-15 NMSA 1978, the member shall not be entitled to a refund of that portion of the purchase cost derived from the employer contribution rate; or
(4) employed:
(a) in a public school or public institution of higher learning in another state, territory or possession of the United States;
(b) in a United States military dependents' school operated by a branch of the armed forces of the United States;
(c) as provided in Paragraph (1) of this subsection after July 1, 1967; or
(d) in a private school or institution of higher learning in New Mexico whose education program is accredited or approved by the department at the time of employment.
B. Effective July 1, 2001, the member or employer under Paragraph (4) of Subsection A of this section shall contribute to the fund for each year of allowed service credit desired an amount equal to the actuarial value of the service purchased as defined by the board. Payment pursuant to Paragraph (4) of Subsection A of this section may be made in installments, at the discretion of the board, over a period not to exceed one year and, if the sum paid does not equal the amount required for any full year of allowed service credit, the member shall acquire allowed service credit for that period of time that is proportionate to the payment made. Half credit may be allowed without contribution for not more than ten years of the educational service described by Subparagraph (a) of Paragraph (4) of Subsection A of this section if that service was prior to June 13, 1953 and if the member was employed in New Mexico prior to June 13, 1953 in a position covered by the Educational Retirement Act or a law repealed by that act. No allowed service credit shall be purchased pursuant to Paragraph (4) of Subsection A of this section unless the member is currently employed by a local administrative unit.
C. No member shall be certified to have acquired allowed service credit:
(1) under any single paragraph or the combination of only Paragraphs (1) and (4) or only Paragraphs (2) and (3) of Subsection A of this section in excess of five years; or
(2) in excess of ten years for any other combination of Paragraphs (1) through (4) of Subsection A of this section.
D. A member receiving service credit under Paragraph (3) or (4) of Subsection A of this section who enrolls in the retiree health care authority shall make contributions pursuant to Subsection C of Section 10-7C-15 NMSA 1978.
E. The provisions of this section are made applicable to the services described prior to as well as after the effective date of the Educational Retirement Act.
History: 1953 Comp., § 77-9-34, enacted by Laws 1967, ch. 16, § 157; 1975, ch. 321, § 1; 1977, ch. 331, § 2; 1981, ch. 291, § 1; 1986, ch. 48, § 1; 1989, ch. 30, § 2; 1993, ch. 69, § 10; 1997, ch. 103, § 1; 1998, ch. 38, § 3; 2003, ch. 39, § 10; 2009, ch. 288, § 18.
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