New Mexico § 7-1-6.43 - Distribution; oil and gas proceeds and pass-through entity withholding tax; magistrate retirement fund; judicial retirement fund; legislative retirement fund

§ 7-1-6.43. Distribution; oil and gas proceeds and pass-through entity withholding tax; magistrate retirement fund; judicial retirement fund; legislative retirement fund

A. A distribution pursuant to Section 7-1-6.1 NMSA 1978 from the net receipts attributable to the amount of tax deducted pursuant to the

Oil and Gas Proceeds and Pass-Through Entity Withholding Tax Act shall be made as

follows: (1) to the magistrate retirement fund in the amount of one hundred thousand dollars

($100,000); (2) to the judicial retirement fund in the amount of one hundred thousand dollars

($100,000); and (3) on and after July 1, 2025, to the legislative retirement fund in the amount of

seventy-five thousand dollars ($75,000) or, if larger, in an amount equal to one-twelfth

of the amount necessary to pay out the retirement benefits due under state legislator

member coverage plan 2 and Paragraph (2) of Subsection C of Section 10-11-41 NMSA 1978 for the succeeding calendar year. B. In regard to the distributions to the magistrate retirement fund and the judicial

retirement fund, in December 2024 and in each December thereafter, the public employees

retirement association, with the assistance of the administrative office of the courts,

shall determine the funded ratio of each fund as of the end of the preceding fiscal

year. If the funded ratio of the magistrate retirement fund for the preceding fiscal year

is equal to or greater than one hundred percent, the association shall notify the

department, and no further distributions pursuant to Paragraph (1) of Subsection A

of this section shall be made. If the funded ratio of the judicial retirement fund for the preceding fiscal year

is equal to or greater than one hundred percent, the association shall notify the

department, and no further distributions pursuant to Paragraph (2) of Subsection A

of this section shall be made. C. In regard to the distribution to the legislative retirement fund, in December 2024

and in each December thereafter, the public employees retirement association, with

the assistance of the legislative council service, shall determine the amount of retirement

benefits for the succeeding calendar year. If the monthly average exceeds seventy-five thousand dollars ($75,000), the association

shall immediately notify the department of the average amount.