The board shall have the authority to determine whether the alternative retirement plan shall be qualified under Section 401(a) or 403(a) of the Internal Revenue Code of 1986, as amended, and shall make that determination based upon which choice is most advantageous to the participants as a whole.
§ 22-11-50 NMSA 1978
Alternative retirement plan; tax treatment
Known as the Educational Retirement Act
The act spans §§ 22–22 (71 sections).
1978 Comp., § 22-11-50, enacted by Laws 1991, ch. 118, § 8.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.