New Mexico § 10-7-8 - Annuities and deferred compensation plans; reductions from gross salaries
Full text of New Mexico New Mexico Statutes Annotated § 10-7-8 — Annuities and deferred compensation plans; reductions from gross salaries, with citation guidance and answers to common questions.
§ 10-7-8. Annuities and deferred compensation plans; reductions from gross salaries
State agencies, state or educational institutions and political subdivisions of the
state shall be authorized to enter into salary reduction agreements with their employees
for the purpose of purchasing annuity contracts and deferred compensation plans, offered
by insurance companies, banks and savings and loan associations authorized to transact
business in New Mexico, when the salary reduction will result in an income tax deferment
for the employees under federal law. The salary reduction agreement shall provide that the employer is not liable to
the employee in the event the plan provider becomes insolvent or income tax on the
salary reductions is not deferred. Such annuity contracts and deferred compensation plans must be approved by the secretary
of general services for state agencies and the governing body of political subdivisions
for such political subdivisions. State agencies, state or educational institutions and political subdivisions of
the state shall further be authorized to deposit or invest funds deducted from an
employee's salary or wages pursuant to any such approved deferred compensation plan. Any funds deducted from an employee's salary or wages pursuant to any such deferred
compensation plan shall not be subject to any state law regulating or restricting
the deposit or investment of public funds.
Source: official New Mexico text · Last verified 2026-08-27
Frequently Asked Questions About New Mexico § 10-7-8
What does New Mexico Statutes Annotated § 10-7-8 cover?
Section 10-7-8 ("Annuities and deferred compensation plans; reductions from gross salaries") is part of the New Mexico Statutes Annotated, the codified statutory law of New Mexico. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Mexico § 10-7-8?
A common citation format is "New Mexico Statutes Annotated § 10-7-8" (New Mexico). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Mexico law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Mexico official source linked on this page or consult a licensed New Mexico attorney.
How does New Mexico § 10-7-8 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Mexico can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Mexico.