A. The employers accumulation fund is the fund in which shall be accumulated contributions by affiliated public employers. Except as provided in Section 5 [10-11-5 NMSA 1978] of the Public Employees Retirement Act, an affiliated public employer shall remit its contributions to the association in accordance with the procedures and schedules established by the association. The association may assess an interest charge and a penalty charge on any remittance not made by its due date.
B. Each year following receipt of the report of the annual actuarial valuation, the excess, if any, of the reported actuarial present value of pensions being paid and likely to be paid to retired members and survivor pension beneficiaries and residual refunds likely to be paid to refund beneficiaries of retired members and to survivor pension beneficiaries over the balance in the retirement reserve fund shall be transferred to the retirement reserve fund from the employers accumulation fund.
History: Laws 1987, ch. 253, § 126.
ANNOTATIONSEmployee contributions not exempt from state income tax. — The amounts deducted from the salaries of public employees for the Public Employees Retirement Act contributions are not exempt from the state income tax. 1982 Op. Att'y Gen. No. 82-09.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 81A C.J.S. States §§ 46, 112 to 119.