N.M. Admin. Code § 2.84.200.20 - EXPENSES OF ADMINISTRATION
Expenses related to the investment of the magistrate retirement fund and administration of the Magistrate Retirement Act shall be paid from the fund. Such expenses shall include:
A. the cost of annual and special actuarial valuations necessary to determine the contribution rate required to support plan benefits in accordance with the plan's funding objectives; special actuarial valuations may also be necessary to measure the impact of proposed legislation;
B. the cost of an annual independent audit of the fund's financial statements;
C. the cost of investment management services as determined by the board;
D. the cost of administration of benefit provisions in the same proportion as the proportion of MRA members to members of the association; and
E. Any other expenses associated with the administration of the fund as determined by the board.
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