Bill > HB51

This bill makes several changes to the composition and election process of the Public Employees Retirement Board (PERA Board) in New Mexico. The key provisions of the bill are: 1. It changes the composition of the PERA Board from an elected board to a mix of appointed and elected members. The board will now consist of two elected retired members and seven appointed members, including representatives from municipal and state employee groups, as well as financial experts and a public member. 2. It establishes initial term lengths for the new board members, with some serving 2, 4, or 6 year terms initially. After the initial terms, all regular terms will be 6 years. 3. It requires board members to complete at least 16 hours of continuing education per year related to pension or investment fund management. 4. It changes the process for filling vacancies on the board, with the original appointing authority selecting a successor. 5. It modifies the notice requirements for special and emergency PERA Board meetings, now requiring written notice be provided to all members. 6. It directs the Secretary of State to promulgate rules for PERA Board elections, including requirements that elections be conducted by mail and conform to campaign finance limits and transparency standards.

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=51&year=22