TITLE 2 PUBLIC FINANCE
CHAPTER 83 JUDICIAL
RETIREMENT
PART 700 RETIREMENT
2.83.700.1 ISSUING
AGENCY: Public Employees Retirement Association, P.
O. Box 2123, Santa Fe, New Mexico 87504-2123
[10-15-97;
2.83.700.1 NMAC - Rn, 2 NMAC 83.700.1, 12-28-00]
2.83.700.2 SCOPE:
This rule affects retirees, beneficiaries, judicial agencies and the
association under the Judicial Retirement Act.
[10-15-97;
2.83.700.2 NMAC - Rn, 2 NMAC 83.700.2, 12-28-00]
2.83.700.3 STATUTORY
AUTHORITY: This rule is authorized by Sections 10-12B-3
and 10-12B-8 NMSA 1978.
[10-15-97;
2.83.700.3 NMAC - Rn, 2 NMAC 83.700.3, 12-28-00]
2.83.700.4 DURATION:
Permanent.
[10-15-97;
2.83.700.4 NMAC - Rn, 2 NMAC 83.700.4, 12-28-00]
2.83.700.5 EFFECTIVE
DATE: November 1, 1994, unless a different date is
cited at the end of a section.
[10-15-97;
2.83.700.5 NMAC - Rn & A, 2 NMAC 83.700.5, 12-28-00]
2.83.700.6 OBJECTIVE: The objective of this rule is to establish
standards and procedures for the payment, of pensions of retired members.
[10-15-97;
2.83.700.6 NMAC - Rn, 2 NMAC 83.700.6, 12-28-00]
2.83.700.7 DEFINITIONS:
[Reserved]
[2.83.700.7 NMAC -
Rn, 2 NMAC 83.700.7, 12-28-00]
2.83.700.8 - 2.83.700.9 [Reserved]
2.83.700.10 PROCEDURE
FOR RETIREMENT:
A. Application.
(1) The
member shall request an application for retirement from PERA. To insure that the member may retire on the
date the member has chosen, the completed application should be returned to
PERA, with the required documents described in Subsection B below, at least 60
days prior to the selected date of retirement.
The completed application and all supporting documentation must be filed
with PERA no later than the close of business on the last working day of the
month prior to the selected date of retirement.
(2) PERA
shall furnish the member an estimate of retirement pension payable within a
reasonable time of receipt of the properly completed application and required
documents.
(3) When
the application is filed, PERA shall furnish the member's last judicial agency
with an employer's certification of earnings form to be completed and returned
to PERA. The final calculation of
pension cannot be processed until PERA receives the properly completed
employer's certification form.
(4) PERA
will furnish the member a final calculation of retirement pension based on the
information provided by the judicial agency.
(5) The
completed application form must either include or be accompanied by a signed
notarized statement of consent by the member’s spouse to the survivor
beneficiary elected by the member or an affidavit that the member is not
married. An affidavit naming all former
spouses must also accompany the final application form.
(6) Retirement
will be effective on the first day of the month following: a) the filing with PERA of the completed,
signed application with all required documentation; b) the member's qualifying
for retirement based on service credit and age; and c) the member's leaving
office. An application will be deemed to
be "filed" when received by PERA as evidenced by a
writing on the application indicating the date of receipt by PERA.
(7) The
retirement of the judge shall be submitted to the board for ratification at the
next regular meeting following the effective date of retirement.
B. Documentation: The retiring member shall furnish the
following documents to PERA:
(1) Proof
of age of the member and any designated beneficiary or beneficiaries. Acceptable documents are a birth certificate,
a baptismal certificate, or religious record of birth established before age 5
years, or any two of the following documents showing the date of birth of the
member or designated beneficiary or beneficiaries:
(a) copy of a life insurance policy;
(b) certified copy of voter registration issued over ten years
prior;
(c) tribal census record;
(d) childhood immunization record made prior to age eighteen
(18) years;
(e) military record;
(f) birth certificate of child showing age of parent;
(g) physician’s or midwife’s record of birth;
(h) passport;
(i) immigration
record;
(j) naturalization record.
(2) A
copy of a marriage certificate or other proof of marital status acceptable in a
court of law for any designated survivor beneficiary to be identified as a
spouse.
(3) Complete
endorsed copies of all court documents the association deems necessary to
ascertain the current marital status of the member and whether any ex-spouse of
the member is entitled to any portion of the member’s benefits. Such documents
shall include the final decrees and marital property settlements for all
marriages during the member’s employment as a judge or justice. If the member’s only divorce was prior to
becoming a member, then the final divorce decree is required, but no marital
property settlement is required. If the
member was divorced more than once before becoming a member, then only the most
recent final decree is required.
(4) Any
member with an effective retirement date on or after January 1, 2014 shall
provide authorization to the association for the electronic transfer of pension
payments to the retiree’s banking institution.
Such authorization shall be executed, in writing, in the form prescribed
by the association.
C. No adjustments
to the pension based on failure to claim free or any other service credit may
be made after the first pension payment.
D. Under the
provisions of NMSA 1978, Section 10-12B-12, the Public Employees Retirement
Reciprocity Act applies to members covered under the Judicial Retirement Act
early retirement.
E. In addition to
any other vesting provided by state law, a judge’s normal retirement benefit is
non-forfeitable when the judge reaches normal retirement age, which is age
sixty-five (65), with five (5) or more years of credited service, whichever is
later for an individual who initially became a judge prior to July 1, 2014 and
age sixty-five (65) with eight (8) or more years of credited service whichever
is later for an individual who initially became a judge on or after July 1,
2014. A judge is also vested in his or
her accrued benefits when the judge reaches such lesser age and specified years
of credited service as provided under the plan.
If there is a termination of the judicial retirement system, or if
employer contributions to the judicial retirement plan are completely
discontinued, the rights of each affected member to the benefits accrued at the
date of termination or discontinuance, to the extent then funded,
are non-forfeitable.
[10-15-97;
11-15-97; 2.83.700.10 NMAC - Rn & A, 2 NMAC 83.700.10, 12-28-00, A,
12-28-01; A, 12-30-13; A, 07-01-15]
2.83.700.11 DISABILITY
RETIREMENT: A judge who becomes disabled prior to
retirement can make application for benefits in accordance with 2.80.1000 NMAC.
[2.83.700.11 NMAC
- N, 12-28-01]
2.83.700.12 - 2.83.700.19 [Reserved]
2.83.700.20 BENEFIT
PAYMENT: The maximum annual benefit limits contained
in Internal Revenue Code Section 415(b), as amended and adjusted, are
incorporated herein by reference.
Notwithstanding any other provision of the Judicial Retirement Act and
regulations, all benefits paid from the Judicial Retirement trust fund shall be
distributed in accordance with the requirements of Internal Revenue Code
Section 401(a)(9) and the regulations under that section. In order to meet these requirements, the
trust fund must be administered in accordance with the following provisions:
A. The entire
interest of the judge shall:
(1) be
completely distributed to the judge not later than the required beginning date
as defined in subsection (B) below, or
(2) shall
be distributed, beginning not later than the required beginning date, in
accordance with internal revenue service regulations, over a period not
extending beyond the life expectancy of such judge or the life expectancy of such
judge and a designated beneficiary.
B. Distribution of
a judge’s benefit must begin by the “required beginning date,” which is defined
as the later of the:
(1) April
1 of the calendar year following the calendar year in which the judge attains
the age of seventy and one-half (70½), or
(2) April
1 of the calendar year after the calendar year in which the judge retires.
C. The life
expectancy of the judge or the judge’s spouse may not be recalculated after the
benefits commence.
D. If a judge dies
before the distribution of the judge’s benefits has begun, distribution to
beneficiaries must begin no later than December 31 of the calendar year
immediately following the calendar year in which the judge died.
E. The amounts
payable to a judge’s beneficiary may not exceed the maximum determined under
the incidental death benefit requirements of the Internal Revenue Code Section
401(a)(9)(G) and regulations thereunder.
PERA shall adjust the percentage of the judge’s pension payable to a
non-spouse survivor beneficiary who is more than ten (10) years younger than
the judge at the time of the judge’s retirement as required by 26 C.F.R.
Section 1.401(a)(9)-6.
[10-15-97; R,
11-15-97; 2.83.700.20 NMAC - Rn & A, 2 NMAC 83.700.20, 12-28-00; A,
12-28-01; A, 12-30-13]
2.83.700.21 - 2.83.700.29 [Reserved]
2.83.700.30 ANNUAL
COMPENSATION: Notwithstanding any provision of the of the
Judicial Retirement Act and regulations, the annual compensation of each judge
that is taken into account under the plan, including for benefit calculation
purposes, for any year does not exceed the limit specified in Internal Revenue
Code Section 401(a)(17).
[2.83.700.30 NMAC -
N, 12-28-00]
HISTORY of 2.83.700 NMAC:
Pre-NMAC History: The material in this part was derived from that
previously filed with the State Records Center and Archives under:
JRA Rule 700,
Retirement, filed on 7-1-92;
JRA
Rule 700, Retirement, filed on 11-1-94.
History of Repealed Material:
2 NMAC 83.700,
Paragraph 10.1.5 - Repealed, 11-15-97.
2
NMAC 83.700.20 - Repealed, 11-15-97.