N.M. Admin. Code § 2.83.700.20

Current through Register Vol. 35, No. 21, November 5, 2024

Section 2.83.700.20 - BENEFIT PAYMENT

The maximum annual benefit limits contained in Internal Revenue Code Section 415(b), as amended and adjusted, are incorporated herein by reference. Notwithstanding any other provision of the Judicial Retirement Act and regulations, all benefits paid from the Judicial Retirement trust fund shall be distributed in accordance with the requirements of Internal Revenue Code Section 401(a)(9) and the regulations under that section. In order to meet these requirements, the trust fund must be administered in accordance with the following provisions:

A. The entire interest of the judge shall:

(1) be completely distributed to the judge not later than the required beginning date; or

(2) shall be distributed, beginning not later than the required beginning date, in accordance with internal revenue service regulations, over a period not extending beyond the life expectancy of the judge or the life expectancy of the judge and a designated beneficiary.

B. For the purposes of this section, "required beginning date" shall be defined in the same manner as the term "required beginning date" is defined in the Internal Revenue Code Section 401 (a)(9) and the regulations under that section.

C. The life expectancy of the judge or the judge's beneficiary may not be recalculated after the benefits commence.

D. If a judge dies before the distribution of the judge's benefits has begun, distribution to beneficiaries must begin no later than December 31 of the calendar year immediately following the calendar year in which the judge died.

E. The amounts payable to a judge's beneficiary may not exceed the maximum determined under the incidental death benefit requirements of the Internal Revenue Code Section 401(a)(9)(G) and regulations thereunder. PERA shall adjust the percentage of the judge's pension payable to a non-spouse survivor beneficiary who is more than 10 years younger than the judge at the time of the judge's retirement as required by 26 C.F.R. Section 1.401(a)(9)-6.

N.M. Admin. Code § 2.83.700.20

10-15-97; R, 11-15-97; 2.83.700.20 NMAC - Rn & A, 2 NMAC 83.700.20, 12-28-00; A, 12-28-01; A, 12-30-13, Adopted by New Mexico Register, Volume XXXIV, Issue 19, October 10, 2023, eff. 10/10/2023