Section 51-1-14 - Financing benefits and extended benefits paid to employees of governmental entities. - New-mexico Statutes

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Statutes > New-mexico > Chapter-51 > Article-1 > Section-51-1-14

51-1-14. Financing benefits and extended benefits paid to employees of governmental entities.

A. State agencies shall make payments in lieu of contributions in accordance with the provisions of Sections 51-1-15 and 51-1-45 NMSA 1978.

B. Local public bodies shall finance benefits paid to an individual based on services performed in their employ by:

(1) participating in the local public body compensation reserve fund;

(2) paying contributions to the department; or

(3) making an election to become liable for payments in lieu of contributions in accordance with the provisions of Subsection B or E of Section 51-1-13 NMSA 1978.

State Codes and Statutes

Statutes > New-mexico > Chapter-51 > Article-1 > Section-51-1-14

51-1-14. Financing benefits and extended benefits paid to employees of governmental entities.

A. State agencies shall make payments in lieu of contributions in accordance with the provisions of Sections 51-1-15 and 51-1-45 NMSA 1978.

B. Local public bodies shall finance benefits paid to an individual based on services performed in their employ by:

(1) participating in the local public body compensation reserve fund;

(2) paying contributions to the department; or

(3) making an election to become liable for payments in lieu of contributions in accordance with the provisions of Subsection B or E of Section 51-1-13 NMSA 1978.

State Codes and Statutes

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State Codes and Statutes

Statutes > New-mexico > Chapter-51 > Article-1 > Section-51-1-14

51-1-14. Financing benefits and extended benefits paid to employees of governmental entities.

A. State agencies shall make payments in lieu of contributions in accordance with the provisions of Sections 51-1-15 and 51-1-45 NMSA 1978.

B. Local public bodies shall finance benefits paid to an individual based on services performed in their employ by:

(1) participating in the local public body compensation reserve fund;

(2) paying contributions to the department; or

(3) making an election to become liable for payments in lieu of contributions in accordance with the provisions of Subsection B or E of Section 51-1-13 NMSA 1978.