As used in the Deferred Compensation Act:
A. "board" means the public employees retirement board;
B. "local public body" means all political subdivisions of the state, their agencies, instrumentalities and institutions;
C. "local public employee" means any officer or employee to whom a local public body pays a salary for services rendered;
D. "deferred compensation carriers" means any corporation, partnership or persons providing administrative, recordkeeping or investment consulting services to participants in deferred compensation plans pursuant to funding agreements; and
E. "state employee" means any officer or employee to whom the state pays a salary for services rendered.
History: Laws 1981, ch. 155, § 2; 1985, ch. 161, § 1; 2017, ch. 20, § 1.
The 2017 amendment, effective June 16, 2017, expanded the definition of "deferred compensation carriers"; in Subsection A, after "public", changed "employees'" to "employees"; and in Subsection D, after "partnership or persons", deleted "who provide investment options" and added "providing administrative, recordkeeping or investment consulting services".
Structure 2021 New Mexico Statutes
Chapter 10 - Public Officers and Employees
Article 7A - Deferred Compensation
Section 10-7A-1 - Short title.
Section 10-7A-2 - Definitions.
Section 10-7A-3 - Deferred compensation plan; state and local public employees.
Section 10-7A-4 - Deferred compensation plan; other participants.
Section 10-7A-5 - Deferred compensation plan; approval.
Section 10-7A-6 - Deferred compensation plans; investment options.
Section 10-7A-7 - Deferred compensation plan; state tax deferral.
Section 10-7A-8 - Deferred compensation plan; local public employee participation.
Section 10-7A-9 - Existing deferred compensation plans.
Section 10-7A-10 - Expenditure.
Section 10-7A-11 - Rule making; agreements.
Section 10-7A-12 - Division of funds as community property; notice requirement.