A. If payment of a pension or other retirement benefit causes a decrease in the amount of monetary payments or other needs-based benefits due to a payee from any other governmental agency, the pension or other retirement benefit shall be reduced for the period during which the pension or other retirement benefit prevents payment of another needs-based benefit to result in payment of the maximum amount possible by the association and the other governmental agency to the payee. Any amounts that would otherwise be paid out that are not paid in accordance with the provisions of this section shall not be recoverable by a payee at any later date.
B. If there is a change in the effect of pension or other retirement benefit on any monetary payments or other needs-based benefits due to a payee from any other governmental agency, the pension or other retirement benefits shall be adjusted to result in the maximum total benefit to the payee. In no event shall any pension be increased in an amount greater than that authorized by the Judicial Retirement Act.
C. The provisions of this section are mandatory and shall not be waived or declined by a payee. Each payee shall provide the association with all information necessary for the association to carry out the requirements imposed by this section.
D. If the payee fails to provide all the facts necessary to comply with the requirements imposed by this section, and payment of a pension or other retirement benefit is made without making the adjustment required by this section, neither the board, the executive director nor any officer or employee of the association or the board shall be liable to any third party because the adjustment was not made as required.
E. As used in this section:
(1) "pension" means a normal retirement, survivor or disability retirement pension payable to a retired member or survivor beneficiary pursuant to the Judicial Retirement Act;
(2) "governmental agency" means the federal government, any department or agency of the federal government, any state and any department, agency or political subdivision of a state;
(3) "total benefits" means pensions plus any other monetary payments or other needs-based benefits due to the payee from any governmental agency;
(4) "needs-based benefit" means monetary or other benefits for which a determination of eligibility is based upon the recipient's level of income and resources; and
(5) "payee" means a retired member or the refund beneficiary or survivor beneficiary of a retired member.
History: Laws 1995, ch. 115, § 4; 1997, ch. 189, § 13.
The 1997 amendment, effective June 20, 1997, in Subsection D, deleted "retirement" preceding "board" in two places and substituted "director" for "secretary".
Structure 2021 New Mexico Statutes
Chapter 10 - Public Officers and Employees
Article 12B - Judicial Retirement
Section 10-12B-1 - Short title.
Section 10-12B-2 - Definitions.
Section 10-12B-3 - Judicial retirement fund established; administration of fund; accounting funds.
Section 10-12B-4 - Membership.
Section 10-12B-6 - Refund of contributions.
Section 10-12B-8 - Age and service credit requirements for normal retirement.
Section 10-12B-9 - Amount of pension.
Section 10-12B-10 - Member contributions; tax treatment.
Section 10-12B-11 - Employer contributions.
Section 10-12B-12 - Early retirement.
Section 10-12B-13 - Disability retirement pension.
Section 10-12B-14 - Survivor's pension.
Section 10-12B-14.1 - Election form of pension.
Section 10-12B-14.2 - Form of pension payment.
Section 10-12B-14.3 - Death before retirement; survivor pension.
Section 10-12B-15 - Cost-of-living adjustment.
Section 10-12B-16 - Group insurance; continuation.
Section 10-12B-17 - Suspension or forfeiture of benefits.
Section 10-12B-18 - Adjustment of pension.
Section 10-12B-19 - Corrections of errors and omissions; estoppel.