TITLE 2 PUBLIC
FINANCE
CHAPTER 84 MAGISTRATE
RETIREMENT
PART 200 ADMINISTRATION
2.84.200.1 ISSUING AGENCY: Public Employees Retirement
Association, P. O. Box 2123, Santa Fe, New Mexico 87504-2123
[10-15-97; 2.84.200.1 NMAC - Rn, 2 NMAC 84.200.1,
12-28-00]
2.84.200.2 SCOPE:
This rule affects the members, former members, retirees, beneficiaries,
public employers, retirement board and the association under the Magistrate
Retirement Act.
[10-15-97; 2.84.200.2 NMAC - Rn, 2 NMAC 84.200.2,
12-28-00]
2.84.200.3 STATUTORY AUTHORITY:
This rule is authorized by NMSA 1978, Section 10-12C-3, as amended.
[10-15-97; 2.84.200.3 NMAC - Rn, 2 NMAC 84.200.3,
12-28-00]
2.84.200.4 DURATION:
Permanent.
[10-15-97; 2.84.200.4 NMAC - Rn, 2 NMAC 84.200.4,
12-28-00]
2.84.200.5 EFFECTIVE DATE:
July 1, 1992 unless a different date is cited at the end of a section.
[10-15-97; 2.84.200.5 NMAC - Rn & A, 2 NMAC
84.200.5, 12-28-00]
2.84.200.6 OBJECTIVE:
The objective of this rule is to establish procedures for rulemaking, to
provide for payment of expenses for investing and administering the magistrate
retirement fund, to establish procedures and requirements for remittance of
contributions, and to establish procedures for collecting pension overpayments.
[10-15-97; 2.84.200.6 NMAC - Rn, 2 NMAC 84.200.6,
12-28-00]
2.84.200.7 DEFINITIONS:
[Reserved]
[2.84.200.7 NMAC - Rn, 2 NMAC 84.200.7, 12-28-00]
2.84.200.8-9 [Reserved]
2.84.200.10 RULEMAKING
A. Prior to the adoption, amendment or
repeal of any rule, the board shall, at least thirty days prior to its proposed
action:
(1) publish notice of its
proposed action in a newspaper with a general statewide circulation. The notice shall:
(a) give the time and place of any public hearing
and state the manner in which data, views or arguments may be submitted to the
board by any interested person;
(b) describe the substance of the proposed
action, or state the subjects and issues involved;
(c) include any additional matter required by
any law, together with specific reference to the statutory authority under
which the rule is proposed; and
(2) afford all interested persons reasonable
opportunity to submit data, views or arguments orally or in writing; if the
board finds that oral presentation is unnecessary or impracticable, it may
require that presentation be made in writing; the board shall consider fully
all written and oral submissions addressing the proposed rule; upon adoption of
a rule contested at hearing or otherwise, the board shall issue a concise
statement of its principal reasons for adoption of the rule; all persons heard
or represented at any hearing, or who submit any writing to be considered in
connection with the proposed rule, shall promptly be given a copy of the rule,
by mail or otherwise, if such persons so request in writing.
B. If the board finds that immediate
adoption, amendment or suspension of a rule is necessary for the preservation
of the soundness of the fund or general welfare of the association, or if the
board for good cause finds that observance of the requirements of notice and
public hearing would be contrary to the interests of the association, the board
may dispense with such requirements and adopt, amend or suspend the rule as an
emergency. The board's finding and a
brief statement of the reasons for its finding shall be incorporated in the
emergency rule, amendment or suspension.
No emergency rule, amendment or suspension shall remain in effect for
longer than sixty days, unless notice shall be given within ten days of the
adoption of the emergency rule and a hearing held as provided in this section
within ninety days of the notice.
[10-15-97; 2.84.200.10 NMAC - Rn & A, 2 NMAC
84.200.10, 12-28-00]
2.84.200.11-19 [Reserved]
2.84.200.20 EXPENSES OF ADMINISTRATION:
Expenses related to the investment of the magistrate retirement fund and
administration of the Magistrate Retirement Act shall be paid from the fund. Such expenses shall include:
A. the cost of annual and special
actuarial valuations necessary to determine the contribution rate required to
support plan benefits in accordance with the plan's funding objectives; special
actuarial valuations may also be necessary to measure the impact of proposed
legislation;
B. the cost of an annual independent
audit of the fund's financial statements;
C. the cost of investment management
services as determined by the board;
D. the cost of administration of benefit
provisions in the same proportion as the proportion of MRA members to members
of the association; and
E. Any other expenses associated with
the administration of the fund as determined by the board.
[10-15-97; 2.84.200.20 NMAC - Rn, 2 NMAC 84.200.20, 12-28-00]
2.84.200.21-29 [Reserved]
2.84.200.30 [Reserved]
[10-15-97; 11-15-97; 2.84.200.30 NMAC - Repealed,
12-28-00]
2.84.200.31-39 [Reserved]
2.84.200.40 OVERPAYMENT OF PENSION:
The board directs the executive director to make all reasonable efforts
to collect any pension overpayment made for any reason.
[10-15-97;
11-15-97; 2.84.200.40 NMAC - Rn, 2 NMAC
84.200.40, 12-28-00]
HISTORY of 2.84.200 NMAC:
Pre-NMAC History: The material in this part was
derived from that previously filed with the State Records Center and Archives
under:
MRA Rule 200, Administration, filed on 7/1/92.
History of Repealed Material:
2
NMAC 84.200, Paragraph 40.2, 40.3 - Repealed 11-15-97
2.84.200.30
NMAC - Repealed 12-28-00