Bill > HB110

This bill aims to address the actuarial solvency of the Judicial Retirement Fund and the Magistrate Retirement Fund. Key provisions include: 1. Changing the composition of the Public Employees Retirement Board to include more appointed members with financial expertise, as well as retired members and representatives from various labor organizations and local government associations. The terms of existing board members will be ended, and new members will be appointed. 2. Allowing for appropriations from the general fund to be made to the Judicial Retirement Fund ($35 million) and the Magistrate Retirement Fund ($10 million) to improve the solvency of these funds. 3. Modifying the election requirements for the retirement board, including specifying that elections be conducted by mail and setting standards for campaign finance and transparency. 4. Requiring board members to complete at least 16 hours of continuing education annually and providing grounds for removal for failure to do so. 5. Restricting the ability of board members and employees to accept gifts or campaign contributions from certain individuals or entities with business relationships with the retirement system. The bill aims to improve the governance and financial standing of the judicial and magistrate retirement systems in New Mexico.

Military Affairs and Security

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=110&year=22