N.M. Admin. Code § 2.82.5.17

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

Section 2.82.5.17 - RETURN TO WORK LESS THAN $15,000 PER YEAR

A. A retired member may return to employment (includes "substitution") pursuant to Subsection H of Section 22-11-25.1 NMSA 1978 without affecting the retired member's retirement benefit provided that:

(1) the retired member has not rendered service to an LAU for at least 90 consecutive days after the date of retirement;

(2) prior to the date of retirement or within 90 days after the date of retirement, the retired member did not enter into a formal or informal agreement with a LAU or a contractor providing services to a LAU to return to employment;

(3) the retired member earns less than fifteen thousand ($15,000) per fiscal year; and

(4) The retired member submits a return to work application and is approved by ERB prior to commencing employment.

B. If a retired member earns fifteen thousand ($15,000) or more per fiscal year, the retired member becomes ineligible to receive retirement benefits and the retired member's retirement benefit shall be suspended for the duration of the employment and the retired member shall be returned to active status effective the first day of the month following the month in which the retired member has earnings in excess of the above limit. The retired member shall pay the educational retirement fund a sum equal to all retirement benefits the retired member received while ineligible.

C. If suspended, before the member's monthly retirement benefits can resume, the suspended retired member must certify to ERB and provide documentation from their employer(s) verifying that they have terminated all LAU employment and must reapply for retirement. The member's retirement will commence as of the first day of the month following the date ERB has received the necessary documentation.

N.M. Admin. Code § 2.82.5.17

Renumbered from 2.82.5.16 New Mexico Register, Volume XXVI, Issue 11, June 16, 2015, eff. 6/16/2015, Amended by New Mexico Register, Volume XXXI, Issue 13, July 14, 2020, eff. 7/14/2020, Adopted by New Mexico Register, Volume XXXV, Issue 12, June 25, 2024, eff. 7/1/2024