New Mexico Statutes 51-1-14. Financing benefits paid to employees of governmental entities
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A. State agencies shall make payments in lieu of contributions in accordance with the provisions of Sections 51-1-15 and 51-1-45 N.M. Stat. Ann..
B. Local public bodies shall finance benefits paid to an individual based on services performed in their employ by:
(1) participating in the local public body compensation reserve fund; (2) paying contributions to the department; or
(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 N.M. Stat. Ann..