N.M. Stat. Ann. § 51-1-14 – Financing benefits paid to employees of governmental entities

A. State agencies shall make payments in lieu of contributions in accordance with the provisions of Sections 51-1-15 and 51-1-45 NMSA 1978.
B. Local public bodies shall finance benefits paid to an individual based on services performed in their employ by:
1. (1) participating in the local public body compensation reserve fund;
2. (2) paying contributions to the department; or
3. (3) making an election to become liable for payments in lieu of contributions in accordance with the provisions of Subsection B or E of Section 51-1-13 NMSA 1978.

History: 1953 Comp., § 59-9-7.5, enacted by Laws 1977, ch. 227, § 1; 1979, ch. 280, § 21.

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

Am. Jur. 2d, A.L.R. and C.J.S. references. — 81 C.J.S. Social Security and Public Welfare §§ 183, 212.