N.M. Admin. Code § 2.80.200.11

Current through Register Vol. 35, No. 17, September 10, 2024

Section 2.80.200.11 - ACTUARIAL ASSUMPTIONS AND USE OF TRUST FUND

A. Whenever the amount of any benefit is to be determined on the basis of actuarial assumptions, the assumptions shall be specified by the board in a manner that precludes employer discretion.

B. No part of the corpus or income of the fund may be used for or diverted to a purpose other than the exclusive benefit of the members and their beneficiaries.

C. The board may not engage in a transaction prohibited by Section 503(b) of the Internal Revenue Code.

N.M. Admin. Code § 2.80.200.11

2.80.200.11 NMAC - N, 12-28-01, Adopted by New Mexico Register, Volume XXVI, Issue 24, December 30, 2015, eff. 12/30/2015