New Mexico Statutes 6-8A-3. Duties and authority of the office
A. The office shall:
Terms Used In New Mexico Statutes 6-8A-3
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
and (1) ensure that an account meets the requirements of a qualified program;
(2) promulgate rules to implement and administer the qualified program and other requirements of the Accounts for Persons with Disabilities Act.
B. The office may contract with third parties to:
(1) verify the disability certification of each designated beneficiary under the state’s qualified program and certify whether expenses paid from such account are qualified disability expenses;
(2) provide such information related to accounts as the state is required to report to the federal social security administration; and
(3) administer and manage the accounts and report account activity to the office on an annual or such other basis as determined by the office.