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Section 10-7A-2 - Definitions.

NM Stat § 10-7A-2 (2019) (N/A)
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As used in the Deferred Compensation Act:

A. "board" means the public employees retirement board;

B. "local public body" means all political subdivisions of the state, their agencies, instrumentalities and institutions;

C. "local public employee" means any officer or employee to whom a local public body pays a salary for services rendered;

D. "deferred compensation carriers" means any corporation, partnership or persons providing administrative, recordkeeping or investment consulting services to participants in deferred compensation plans pursuant to funding agreements; and

E. "state employee" means any officer or employee to whom the state pays a salary for services rendered.

History: Laws 1981, ch. 155, § 2; 1985, ch. 161, § 1; 2017, ch. 20, § 1.

The 2017 amendment, effective June 16, 2017, expanded the definition of "deferred compensation carriers"; in Subsection A, after "public", changed "employees'" to "employees"; and in Subsection D, after "partnership or persons", deleted "who provide investment options" and added "providing administrative, recordkeeping or investment consulting services".

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Section 10-7A-1 - Short title.
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Section 10-7A-3 - Deferred compensation plan; state and local public employees.