N.M. Admin. Code § 2.80.1200.11

Current through Register Vol. 35, No. 24, December 23, 2024

Section 2.80.1200.11 - MEMBER CONTRIBUTIONS

Member contributions for the current calendar year are due within the calendar year, and no interest shall be charged by PERA on contributions timely paid. Interest will be assessed on unremitted member contributions for calendar years preceding the current calendar year at a rate set by the board, and will accrue from the first day of the year after the service year for which credit is claimed until the date of payment, except that no interest shall accrue for the period from January 1, 1989 through December 31, 1996. The board shall set the rate of interest annually by resolution at a July meeting, to be effective on the following January 1st for that calendar year. The rate of interest for unremitted member contributions paid in 1996 shall be as follows:

A. For calendar years prior to January 1, 1984, interest shall be calculated at the rate of 5.25% compounded annually from December 31 of the applicable year through December 31, 1983, and at the rate of 10% compounded annually thereafter up to the date of payment.

B. For calendar years after December 31, 1983, interest shall be calculated at the rate of 10% compounded annually from December 31 of the applicable year to the date of payment.

N.M. Admin. Code § 2.80.1200.11

6-15-96; 2.80.1200.11 NMAC- Rn, 2 NMAC 80.1200.11, 12-28-00