A. The "educational retirement board" is created.

B. The board shall be composed of seven members, consisting of the following:

(1) the secretary of public education, or a designee of the secretary who:

(a) is a resident of New Mexico;

(b) is a current employee of the public education department; and

(c) possesses experience relevant to the financial or fiduciary aspects of pension or investment fund management;

(2) the state treasurer, or a designee of the treasurer who:

(a) is a resident of New Mexico;

(b) is a current employee of the state treasurer's office; and

(c) possesses experience relevant to the financial or fiduciary aspects of pension or investment fund management;

(3) one member to be elected for a term of four years by members of the New Mexico association of educational retirees;

(4) one member to be elected for a term of four years by the members of the national education association of New Mexico;

(5) one member to be elected for a term of four years by the New Mexico members of the American association of university professors; and

(6) two members to be appointed by the governor for terms of four years each. Each member appointed pursuant to this paragraph shall have a background in investments, finance or pension fund administration.

C. A designee of a board member shall have the same responsibilities, duties, liabilities and immunities as the board member, including the indemnification provided by Subsection H of Section 22-11-13 NMSA 1978. The appointment of a designee does not relieve the board member of the member's responsibilities, duties, liabilities and immunities as a board member, and the board member shall be fully responsible and liable for the actions of the designee while serving on the board.

D. In the initial composition of the board, the member elected by the members of the American association of university professors shall serve for a term of three years; one member appointed by the governor shall serve for a term of two years; and the other member appointed by the governor shall serve for a term of one year.

E. Vacancies occurring in the terms of office of those members appointed by the governor or elected by an association shall be filled either by the governor appointing or the association electing a new member to fill the unexpired term.

History: 1953 Comp., § 77-9-3, enacted by Laws 1967, ch. 16, § 127; 1977, ch. 246, § 65; 1988, ch. 64, § 40; 2011, ch. 160, § 1.

Cross references. — For references to the former superintendent of public instruction, see 9-24-15 NMSA 1978.

The 2011 amendment, effective June 17, 2011, authorized the secretary of education and the state treasurer to appoint designees to serve on the board; specified the qualifications and authority of designees appointed by the secretary of education and the state treasurer; and in Subsection B(6), specified the qualifications of the members appointed by the governor.

Temporary provisions. — Laws 2011, ch. 160, § 3 provided that the provisions Section 22-11-3B(6) NMSA 1978 shall apply only to appointments made after June 17, 2011 (effective date of Laws 2011, ch. 160, § 1), and shall not affect the status of existing appointees to the educational retirement board.

Appropriations. — Laws 2009, ch. 125, § 41, effective June 19, 2009, appropriated $2,500,000 from the educational retirement fund to the educational retirement board for expenditure in fiscal years 2009 through 2013 to acquire land for and plan, design and construct a building or acquire and renovate an existing building for the educational retirement board in Santa Fe in Santa Fe county.

The 1988 amendment, effective May 18, 1988, deleted Subsection B(2) which read "the director of public school finance" and redesignated former Subsection B(3) as present Subsection B(2); added present Subsection B(3); and made a minor stylistic change in Subsection D.

The educational retirement board is an arm of the state rather than an independent political subdivision. N.M. ex rel. National Educ. Ass'n of N.M. v. Austin Capital Mgmt. Ltd., 671 F. Supp. 2d 1248 (D.N.M. 2009).

Member of board has right to resign his office, and where no particular method of resigning is provided by law, no formal method is necessary or required. 1963 Op. Att'y Gen. No. 63-35.