Bill > SB421

This bill modifies the powers of the Educational Retirement Board (ERB) by expanding its existing authorities. Specifically, the bill adds a new power allowing the board to purchase, acquire, or hold real property and build or own buildings and related improvements. The bill maintains the board's existing responsibilities, which include enforcing the Educational Retirement Act, hiring employees, making actuarial reports to the legislature every odd-numbered year, accepting donations, and adopting regulations. The bill also preserves the board's existing abilities to select custodial banks and contract for legal services on a contingent fee basis, with specific requirements such as attorney general review of proposed contingency fee contracts and disclosure of campaign contributions by potential legal contractors. This modification appears to provide the Educational Retirement Board with more flexibility in managing its assets and infrastructure, potentially enabling the board to make direct real estate investments or develop physical assets that could support its operations or generate revenue.

Education

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=421&year=25