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2018 New Mexico Statutes
Chapter 22 - Public Schools
Article 11 - Educational Retirement
Section 22-11-30.1 - Educational retirement; qualified excess benefit.
Universal Citation:
NM Stat § 22-11-30.1 (2018)
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22-11-30.1. Educational retirement; qualified excess benefit.
The educational retirement board, by rule, may establish and maintain a qualified excess benefit arrangement under Section 415(m) of the United States Internal Revenue Code of 1986 for employees hired before July 1, 1999. The amount of annual benefit that would be payable but for the limitation imposed by Section 415 of the United States Internal Revenue Code of 1986 to an employee hired before July 1, 1999 shall be paid from a qualified excess benefit arrangement established and maintained pursuant to this section.
History: Laws 1999, ch. 274, § 1.
Cross references. — For Section 415 of the Internal Revenue Code, see 26 U.S.C. § 415.
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