0001| SENATE BILL 243
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0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003| INTRODUCED BY
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0004| BEN D. ALTAMIRANO
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0005|
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0006|
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0007|
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0008| FOR THE LEGISLATIVE FINANCE COMMITTEE
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0009|
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0010| AN ACT
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0011| RELATING TO PUBLIC EMPLOYEES' RETIREMENT; AMENDING SECTION
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0012| 10-11-130 NMSA 1978 (BEING LAWS 1987, CHAPTER 253, SECTION 130,
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0013| AS AMENDED) TO CHANGE PROVISIONS FOR BOARD MEMBERSHIP.
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0014|
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0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016| Section 1. Section 10-11-130 NMSA 1978 (being Laws 1987,
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0017| Chapter 253, Section 130, as amended) is amended to read:
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0018| "10-11-130. RETIREMENT BOARD--AUTHORITY--MEMBERSHIP.--
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0019| A. The "retirement board" is hereby created and
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0020| shall be the trustee of the association and the funds created
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0021| by the state retirement system acts and shall have all the
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0022| powers necessary or convenient to carry out and effectuate the
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0023| purposes and provisions of the state retirement system acts,
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0024| including, in addition to any specific powers provided for in
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0025| the Public Employees Retirement Act but without limiting the
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0001| generality of the foregoing, the power:
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0002| (1) to administer the state retirement system
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0003| acts, including the management of the association and making
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0004| effective the provisions of those acts, as well as to
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0005| administer and manage any other employee benefit acts as
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0006| provided by law;
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0007| (2) in addition to utilizing services of the
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0008| attorney general, to employ competent legal counsel to handle
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0009| the legal matters of the retirement board and the association
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0010| and to give advice and counsel in regard to any matter
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0011| connected with the duties of the retirement board;
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0012| (3) to administer oaths;
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0013| (4) to adopt and use a seal for authentication
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0014| of records, processes and proceedings;
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0015| (5) to create and maintain records relating to
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0016| all members, affiliated public employers and all activities and
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0017| duties required of the retirement board;
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0018| (6) to issue subpoenas and compel the
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0019| production of evidence and attendance of witnesses in
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0020| connection with any hearings or proceedings of the retirement
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0021| board;
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0022| (7) to make and execute contracts;
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0023| (8) to purchase, acquire or hold land adjacent
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0024| to the state capitol grounds or other suitable location and
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0025| build thereon a building to house the association and its
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0001| employees and, in the event additional office space is
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0002| available in the building after the retirement board and its
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0003| employees have been housed, to rent or lease the additional
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0004| space to any public agency or private person; provided that
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0005| first priority for the rental or leasing shall be to public
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0006| agencies; and further provided that for the purpose of
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0007| purchasing, acquiring or holding the land and the building
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0008| thereon, the retirement board may use funds from the income
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0009| fund and any other funds controlled by the retirement board the
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0010| use of which for such purposes is not prohibited by law;
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0011| (9) to make and adopt such reasonable rules
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0012| and regulations as may be necessary or convenient to carry out
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0013| the duties of the retirement board and activities of the
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0014| association, including any rules and regulations necessary to
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0015| preserve the status of the association as a qualified pension
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0016| plan under the provisions of the Internal Revenue Code of 1986,
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0017| as amended or under successor or related provisions of law; and
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0018| (10) to designate committees and to designate
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0019| committee members, including individuals who may not be members
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0020| of the association.
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0021| B. The retirement board shall consist of:
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0022| (1) the secretary of state;
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0023| (2) the state treasurer;
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0024| (3) [four] three members under a state
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0025| coverage plan to be elected by the members under state coverage
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0001| plans;
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0002| (4) [four] three members under a municipal
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0003| coverage plan to be elected by the members under municipal
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0004| coverage plans; provided one member shall be a municipal member
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0005| employed by a county; [and]
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0006| (5) two retired members to be elected by the
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0007| retired members of the association; and
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0008| (6) two members each with at least five
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0009| years' experience in investment or financial management to be
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0010| appointed by the governor.
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0011| C. The elections of elected members of the
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0012| retirement board shall be held at the time of the annual
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0013| meeting of the association and shall be conducted according to
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0014| rules and regulations the retirement board shall from time to
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0015| time adopt.
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0016| D. The regular term of office of the elected and
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0017| appointed members of the retirement board shall be four years.
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0018| [The term of one retirement board member under a state
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coverage plan shall expire annually on December 31.] The
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0020| terms of retirement board members under a state coverage plan
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0021| shall expire on December 31 of noncoinciding years in the
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0022| pattern set by the retirement board, except for the vacancy
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0023| created by the term expiring on December 31, 1997, which shall
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0024| not be filled. The terms of retirement board members under a
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0025| municipal coverage plan shall expire on December 31 of
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0001| noncoinciding years in the pattern set by the retirement
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0002| board, except for the vacancy created by the term expiring on
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0003| December 31, 1997, which shall not be filled. Members of the
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0004| retirement board shall serve until their successors have
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0005| qualified. In the initial appointment of the two appointed
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0006| members, one member shall be appointed for a term of two years
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0007| beginning January 1, 1998, and the other member shall be
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0008| appointed for a term of one year beginning January 1, 1998.
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0009| E. A member elected or appointed to the
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0010| retirement board who fails to attend four consecutively
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0011| scheduled meetings of the retirement board, unless in each case
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0012| excused for cause by the retirement board members in
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0013| attendance, shall be considered to have resigned from the
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0014| retirement board, and the retirement board shall by resolution
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0015| declare the office vacated as of the date of adoption of the
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0016| resolution. A vacancy occurring on the retirement board,
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0017| except in the case of an [elected official] ex-officio
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0018| member or an appointed member, shall be filled by the
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0019| remaining retirement board members, without requirement that a
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0020| quorum be present, until the next election of the association,
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0021| at which time a successor shall be elected for the remainder of
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0022| the vacated term.
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0023| F. Members of the retirement board shall serve
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0024| without additional salary for their services as retirement
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0025| board members, but they shall receive as their sole
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0001| remuneration for services as members of the retirement board
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0002| those amounts authorized under the Per Diem and Mileage Act.
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0003| G. The retirement board shall hold four regular
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0004| meetings each year and shall designate in advance the time and
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0005| place of the meetings. Special meetings and emergency meetings
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0006| of the retirement board may be held upon call of the chairman
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0007| or any three members of the retirement board. Written notice
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0008| of special meetings shall be sent to each member of the
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0009| retirement board at least seventy-two hours in advance of the
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0010| special meeting. Verbal notice of emergency meetings shall be
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0011| given to as many members as is feasible at least eight hours
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0012| before the emergency meeting, and the meeting shall commence
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0013| with a statement of the nature of the emergency. The
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0014| retirement board shall adopt its own rules of procedure and
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0015| shall keep a record of its proceedings. All meetings of the
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0016| retirement board shall comply with the Open Meetings Act. A
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0017| majority of retirement board members shall constitute a quorum.
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0018| Each attending member of the retirement board is entitled to
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0019| one vote on each question before the retirement board, and at
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0020| least a majority of a quorum shall be necessary for a decision
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0021| by the retirement board.
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0022| H. Annual meetings of the members of the
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0023| association shall be held in Santa Fe at such time and place as
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0024| the retirement board shall from time to time determine.
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0025| Special meetings of the members of the association shall be
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0001| held in Santa Fe upon call of any seven retirement board
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0002| members. The retirement board shall send a written notice to
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0003| the last known residence address of each member currently
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0004| employed by an affiliated public employer at least ten days
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0005| prior to any meeting of the members of the association. The
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0006| notice shall contain the call of the meeting and the principal
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0007| purpose of the meeting. All meetings of the association shall
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0008| be public and shall be conducted according to procedures the
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0009| retirement board shall from time to time adopt. The retirement
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0010| board shall keep a record of the proceedings of each meeting of
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0011| the association."
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0012|
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