A. The office shall:

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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.