Bill > SB303

This bill proposes to change the membership of the New Mexico Educational Retirement Board. The key provisions include: 1. The board will be composed of nine members, including the Secretary of Public Education (or their designee), the State Treasurer (or their designee), one member elected by the New Mexico Association of Educational Retirees, one member elected by the National Education Association of New Mexico, one member elected by the New Mexico members of the American Association of University Professors, two members appointed by the Governor with backgrounds in investments, finance, or pension fund administration, one member elected by the American Federation of Teachers New Mexico, and the Secretary of Higher Education (or their designee). 2. Designees of board members will have the same responsibilities, duties, liabilities, and immunities as the board members they represent, but the board members will still be fully responsible and liable for the actions of their designees. 3. The initial terms of some board members will be shorter to stagger the terms, and thereafter, all members will serve four-year terms. 4. Vacancies on the board will be filled either by the Governor appointing a new member or the relevant association electing a new member to fill the unexpired term.

Education, Health and Social Services, Military Affairs and Security

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=303&year=21