If a member dies during a period of reemployment following retirement pursuant to the Educational Retirement Act, the benefits to be paid shall be determined according to the following:
A. if the member did not elect to exercise Option B or C pursuant to Subsection A of Section 22-11-29 NMSA 1978 at the time of first retirement, the member's beneficiary or estate shall receive an amount equal to the sum of the member's contributions, including contributions made by the member during the period of last reemployment, plus accumulated interest at the rate set by the board, less the total benefits received prior to the last reemployment; or
B. if a retirement benefit has been paid to the member pursuant to either Option B or Option C of Subsection A of Section 22-11-29 NMSA 1978 prior to reemployment, the reemployed member shall be considered as retiring on the day preceding the date of death, and the benefits due the surviving beneficiary, computed as of that date, shall be commenced effective on the date of death in accordance with the terms of the option elected.
History: 1953 Comp., § 77-9-25, enacted by Laws 1967, ch. 16, § 149; 1981, ch. 294, § 1; 1993, ch. 69, § 8; 1999, ch. 93, § 1; 2003, ch. 39, § 5.
The 2003 amendment, effective June 20, 2003, in Subsection A inserted "Subsection A of" following "pursuant to" near the beginning and substituted "rate set by the board," for "average rate earned by the fund during the preceding five fiscal years," near the end; and inserted "of Subsection A" following "Option C" near the beginning of Subsection B.
The 1999 amendment, effective June 18, 1999, in Subsection A substituted the language beginning "an amount" to the end for "the difference, if any, between the member's total contribution and total benefits received prior to last reemployment, plus contributions made by the member during the period of last reemployment".
The 1993 amendment, effective June 18, 1993, substituted "retirement" for "retiring" in the introductory paragraph and substituted the language beginning "last reemployment" for "death" at the end of Subsection A.
Structure New Mexico Statutes
Article 11 - Educational Retirement
Section 22-11-1 - Short title.
Section 22-11-2 - Definitions.
Section 22-11-3 - Educational retirement board; members; terms; vacancies.
Section 22-11-4 - Board; regular and special meetings.
Section 22-11-5 - Board; record; quorum; compensation.
Section 22-11-5.1 - Restrictions on receipt of gifts.
Section 22-11-6 - Board; powers; duties.
Section 22-11-7 - Educational retirement director; bond.
Section 22-11-8 - Medical authority; fees.
Section 22-11-9 - Actuary; fees.
Section 22-11-10 - Salaries; fees; expenditures.
Section 22-11-11 - Educational retirement fund; suspense fund.
Section 22-11-12 - Fund; suspense fund; disbursements.
Section 22-11-14 - Fund; restrictions.
Section 22-11-15 - Fund; refunds; payments.
Section 22-11-16 - Regular membership.
Section 22-11-16.1 - Regular membership continuation of certain transferred employees.
Section 22-11-16.2 - Substitutes; membership status.
Section 22-11-17 - Provisional membership.
Section 22-11-19 - Regular or provisional membership; optional coverage.
Section 22-11-19.2 - Regular or provisional membership; regional education cooperatives.
Section 22-11-21 - Contributions; members; local administrative units.
Section 22-11-21.1 - Member contributions; tax treatment.
Section 22-11-21.2 - Salary calculation; limitations.
Section 22-11-21.3 - Pick up; rollover.
Section 22-11-22 - Payment; records; audits.
Section 22-11-23 - Retirement eligibility; initial membership prior to July 1, 2010.
Section 22-11-23.1 - Retirement eligibility; initial membership on or after July 1, 2010.
Section 22-11-23.2 - Retirement eligibility membership on or after July 1, 2013.
Section 22-11-23.3 - Retirement eligibility; initial membership on or after July 1, 2019.
Section 22-11-24 - Retirement benefits; minimum contributory employment.
Section 22-11-25 - Retirement; reemployment.
Section 22-11-25.1 - Return to employment; benefits; contributions.
Section 22-11-26 - Death during reemployment.
Section 22-11-27 - Deferred retirement; restriction.
Section 22-11-28 - Applications for retirement; effective date.
Section 22-11-29 - Retirement benefit options.
Section 22-11-30 - Retirement benefits; reductions.
Section 22-11-30.1 - Educational retirement; qualified excess benefit.
Section 22-11-32 - Adjustment of benefits.
Section 22-11-33 - Earned service credit.
Section 22-11-34 - Allowed service credit.
Section 22-11-34.1 - Sick leave service credit.
Section 22-11-35 - Disability benefit; eligibility; medical examination.
Section 22-11-36 - Disability benefit; continued eligibility; re-examinations.
Section 22-11-37 - Disability benefit.
Section 22-11-38 - Disability retirement.
Section 22-11-39 - Report of improved health; penalty.
Section 22-11-40 - Restoration to fund.
Section 22-11-43 - Insurance or banking laws inapplicable.
Section 22-11-44 - Saving clause; retirement benefits; disability benefits.
Section 22-11-44.1 - Repealed.
Section 22-11-47 - Alternative retirement plan; election of coverage.
Section 22-11-48 - Alternative retirement plan; contributory employment.
Section 22-11-49 - Alternative retirement plan; contributions.
Section 22-11-50 - Alternative retirement plan; tax treatment.
Section 22-11-51 - Alternative retirement plans; benefits; transfer upon unemployment.
Section 22-11-52 - Alternative retirement plan; selection of contractor or carrier; administration.
Section 22-11-53 - Correction of errors and omissions; estoppel.
Section 22-11-54 - Disclosure of third-party marketers; penalty.
Section 22-11-55 - Disclosure of member or retired member information; penalty.