A. There is created a "state government unemployment compensation reserve fund". The fund and any income from the fund shall be held in trust, deposited in a segregated account and invested by the director of the risk management division of the general services department with the prior approval of the state board of finance. Money in the fund is appropriated to carry out the purposes of the fund.
B. The director of the risk management division of the general services department shall assess each state agency at the end of each calendar quarter in accordance with the rate schedule prescribed by the risk management division plus an additional amount to pay reasonable costs of administration of the fund. Assessments shall be deposited in the state government unemployment compensation reserve fund to carry out the purposes of Laws 1977, Chapter 227, as amended. The director of the risk management division shall approve the method of computing the amounts that are payable under this subsection by each state agency and the time and manner of payments.
C. Money deposited in the state government unemployment compensation reserve fund may be used by the director of the risk management division of the general services department to:
(1) pay the department for benefits paid to employees of state agencies;
(2) pay costs or expenses incurred in protesting benefits paid by the department;
(3) pay other costs incurred in carrying out the provisions of this section; and
(4) establish and maintain a reserve fund for paying reimbursements of benefits paid to employees of state agencies.
History: 1953 Comp., § 59-9-22.4, enacted by Laws 1977, ch. 227, § 7; 1978, ch. 131, § 5; 1979, ch. 280, § 45; 1996 (1st S.S.), ch. 3, § 6; 2000, ch. 27, § 5.
Cross references. — For applicability of act to government entities, see 51-1-47 NMSA 1978.
The 2000 amendment, effective March 6, 2000, added Subsection C(4) and deleted Subsection D, concerning excess cash balances in the state government unemployment compensation reserve fund.
The 1996 amendment, effective March 21, 1996, inserted "of the general services department" throughout the section; in Subsection C, deleted former Paragraph (4) which provided for the establishment and maintenance of a reserve fund for paying reimbursement of benefits to employees of state agencies, and made a minor stylistic change; and added Subsection D.
Law reviews. — For article, "Unemployment Compensation in New Mexico," see 11 N.M.L. Rev. 327 (1981).
Structure 2021 New Mexico Statutes
Chapter 51 - Unemployment Compensation
Article 1 - Unemployment Compensation
Section 51-1-3 - Declaration of state public policy.
Section 51-1-4 - Monetary computation of benefits; payment generally.
Section 51-1-5 - Benefit eligibility conditions.
Section 51-1-7 - Disqualification for benefits.
Section 51-1-8 - Claims for benefits.
Section 51-1-8.1 - Voluntary withholding of federal income tax.
Section 51-1-9 - Contributions; computation; payment.
Section 51-1-10 - Rate of contribution.
Section 51-1-12 - Penalty; late payment of contributions.
Section 51-1-13 - Financing benefits paid to employees of nonprofit organizations.
Section 51-1-14 - Financing benefits paid to employees of governmental entities.
Section 51-1-15 - Risk management division; payments in lieu of contributions.
Section 51-1-17 - Budgets; governmental entities.
Section 51-1-18 - Period, election and termination of employer's coverage.
Section 51-1-19 - Unemployment compensation fund.
Section 51-1-21 - Seal; report.
Section 51-1-23 - Publication.
Section 51-1-25 - Advisory councils.
Section 51-1-26 - Employment stabilization.
Section 51-1-27 - Records and papers.
Section 51-1-28 - Oaths and witnesses.
Section 51-1-29 - Enforcement of subpoenas; penalty.
Section 51-1-30 - Protection against self-incrimination.
Section 51-1-31 - State-federal cooperation.
Section 51-1-32 - Disclosure of information; penalty.
Section 51-1-33 - Employment service.
Section 51-1-34 - Administration funds.
Section 51-1-35 - Reimbursement of fund.
Section 51-1-36 - Collection of contributions.
Section 51-1-37 - Protection of rights and benefits.
Section 51-1-37.1 - Child support obligations.
Section 51-1-37.2 - Food stamp overissuances.
Section 51-1-38 - Penalties; liability for benefit overpayment.
Section 51-1-39 - [Saving clause.]
Section 51-1-40 - Actions for enforcement.
Section 51-1-41 - Nonliability of state.
Section 51-1-42 - Definitions.
Section 51-1-43 - Unemployment compensation; governmental entities.
Section 51-1-44 - Additional definitions.
Section 51-1-47 - Application of the act [Applicability of act to governmental entities].
Section 51-1-48 - Definitions; extended benefits.
Section 51-1-48.1 - Extended benefits; eligibility.
Section 51-1-48.2 - Extended benefits; payments.
Section 51-1-50 - Reciprocal arrangements.
Section 51-1-51 - Record availability; cooperation.
Section 51-1-52 - Effectiveness of federal act inoperative.
Section 51-1-52.1 - Leasing employer; temporary services employer.
Section 51-1-53 - [Saving clauses.]
Section 51-1-55 - Res judicata and collateral estoppel prohibition.
Section 51-1-56 - Death reports.