A. A member who is eligible for retirement may continue in employment and shall continue to pay contributions as provided by the Educational Retirement Act.
B. Provided that the contributions that the member has made are left in the fund, a member eligible for retirement benefits pursuant to the provisions of Section 22-11-23, 22-11-23.1 or 22-11-23.2 NMSA 1978 may terminate employment and retire at any time upon satisfying the applicable age and earned service requirements for retirement.
C. A member shall not be on a retirement status while engaged in employment unless the employment falls within an exception established by statute or rule of the board.
History: 1953 Comp., § 77-9-26, enacted by Laws 1967, ch. 16, § 150; 1971, ch. 12, § 3; 1974, ch. 5, § 3; 2003, ch. 39, § 6; 2013, ch. 61, § 5.
Cross references. — For retirement eligibility generally, see 22-11-23 NMSA 1978.
The 2013 amendment, effective July 1, 2013, permitted a member who is eligible for retirement benefits to retire upon satisfaction of the applicable age and earned service requirements; in Subsection A, after "A member", added "who is"; in Subsection B, at the beginning to the sentence, deleted "A member" and added "Provided that the contributions that the member has made are left in the fund, a member eligible for retirement benefits pursuant to the provisions of Section 22-11-23, 22-11-23.1 or 22-11.23.2 NMSA 1978" and after "at any time", deleted "after his age and his earned service credit equal the sum of seventy-five if the contributions he has made are left in the fund" and added "upon satisfying the applicable age and earned service requirements for retirement"; deleted former Subsection C, which provided for the retirement of a member who has five years or more of earned service credit; and in Subsection C, after "A member shall", added "not" and after "employment falls within", deleted "exceptions" and added "an exception".
The 2003 amendment, effective June 20, 2003, added "unless the employment falls within exceptions established by statute or rule of the board" at the end of Subsection D.
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.