Any expenditure necessary to implement the Deferred Compensation Act shall be charged to participating employees or to deferred compensation carriers including those submitting proposals.
History: Laws 1981, ch. 155, § 10; 1985, ch. 161, § 6.
ANNOTATIONSCross references. — For salary reductions for deferred compensation plans, see 10-7-8 NMSA 1978.
Agreement with company administering deferred compensation program. — The public employee's retirement board's administrator's agreement with the company providing professional services by administering and marketing the state's deferred compensation program must be let for proposals pursuant to the Procurement Code, 13-1-28 NMSA 1978 et seq., to the extent the administrator receives as compensation an amount exceeding $20,000, although the administrator's sole compensation under the contract derives from sales commissions, etc., from the underwriter. 1987 Op. Att'y Gen. No. 87-35.