A. There is created a "state government unemployment compensation reserve fund". The fund and any income from the fund shall be held in trust, deposited in a segregated account and invested by the director of the risk management division of the general services department with the prior approval of the state board of finance. Money in the fund is appropriated to carry out the purposes of the fund.

B. The director of the risk management division of the general services department shall assess each state agency at the end of each calendar quarter in accordance with the rate schedule prescribed by the risk management division plus an additional amount to pay reasonable costs of administration of the fund. Assessments shall be deposited in the state government unemployment compensation reserve fund to carry out the purposes of Laws 1977, Chapter 227, as amended. The director of the risk management division shall approve the method of computing the amounts that are payable under this subsection by each state agency and the time and manner of payments.

C. Money deposited in the state government unemployment compensation reserve fund may be used by the director of the risk management division of the general services department to:

(1) pay the department for benefits paid to employees of state agencies;

(2) pay costs or expenses incurred in protesting benefits paid by the department;

(3) pay other costs incurred in carrying out the provisions of this section; and

(4) establish and maintain a reserve fund for paying reimbursements of benefits paid to employees of state agencies.

History: 1953 Comp., § 59-9-22.4, enacted by Laws 1977, ch. 227, § 7; 1978, ch. 131, § 5; 1979, ch. 280, § 45; 1996 (1st S.S.), ch. 3, § 6; 2000, ch. 27, § 5.

Cross references. — For applicability of act to government entities, see 51-1-47 NMSA 1978.

The 2000 amendment, effective March 6, 2000, added Subsection C(4) and deleted Subsection D, concerning excess cash balances in the state government unemployment compensation reserve fund.

The 1996 amendment, effective March 21, 1996, inserted "of the general services department" throughout the section; in Subsection C, deleted former Paragraph (4) which provided for the establishment and maintenance of a reserve fund for paying reimbursement of benefits to employees of state agencies, and made a minor stylistic change; and added Subsection D.

Law reviews. — For article, "Unemployment Compensation in New Mexico," see 11 N.M.L. Rev. 327 (1981).