SENATE JOINT MEMORIAL 65

46th legislature - STATE OF NEW MEXICO - second session, 2004

INTRODUCED BY

Timothy Z. Jennings

A JOINT MEMORIAL

REQUESTING THE EDUCATIONAL RETIREMENT BOARD, IN COOPERATION WITH OTHER AGENCIES, TO RECOMMEND METHODS TO IMPROVE THE ACTUARIAL SOUNDNESS OF THE EDUCATIONAL RETIREMENT FUND.

     WHEREAS, the educational retirement board's pension fund for employees of New Mexico public schools, colleges and universities has an unfunded accrued liability of more than one billion dollars ($1,000,000,000); and

     WHEREAS, tens of thousands of educators and other school employees are relying on the educational retirement board to provide for their financial well-being during retirement; and

     WHEREAS, it is important to ensure that the educational retirement board's pension fund is actuarially sound to protect current and future retirees and to maintain the trust that current and future retirees have placed in the retirement system;

     NOW, THEREFORE, BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO that the educational retirement board be requested to develop a plan to restore its pension fund to a state of actuarial soundness and to report its findings and recommendations to the legislative education study committee and the legislative finance committee prior to the first session of the forty-seventh legislature; and

     BE IT FURTHER RESOLVED that a copy of this memorial be transmitted to the director of the educational retirement board.

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