45th legislature - STATE OF NEW MEXICO - second session, 2002
REQUESTING THE NEW MEXICO LEGISLATIVE COUNCIL TO APPOINT LEGISLATORS TO A TASK FORCE TO STUDY THE SAFEGUARDS IN PLACE THAT PROTECT THE FISCAL INTEGRITY OF THE STATE PERMANENT FUNDS.
WHEREAS, the corpus of New Mexico's land grant permanent funds and the severance tax permanent fund is over ten billion dollars ($10,000,000,000); and
WHEREAS, the distributions from these two funds, now and in perpetuity, are an integral and necessary ingredient for the future prosperity of New Mexico and its citizens; and
WHEREAS, the corpus of the two retirement funds for New Mexico public employees is over fourteen billion dollars ($14,000,000,000); and
WHEREAS, the actuarial soundness of the retirement funds is absolutely necessary in order to maintain a healthy work environment in the public sector; and
WHEREAS, the recent Enron bankruptcy and the losses suffered by New Mexico's funds point out the fact that essential safeguards must be in place to protect the fiscal integrity of the permanent funds; and
WHEREAS, a task force composed of legislators and other experts should be appointed to examine the controls and safeguards applicable to investments of the permanent funds;
NOW, THEREFORE, BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO that the New Mexico legislative council be requested to appoint three members of the senate and three members of the house of representatives to a task force, staffed by the legislative council service, that examines the controls and safeguards applicable to investment of New Mexico's permanent funds and to make any recommendations for changes to the first session of the forty-sixth legislature; and
BE IT FURTHER RESOLVED that the department of finance and administration, the state investment council, the public employees retirement association and the educational retirement board each be requested to appoint one member to the task force; and
BE IT FURTHER RESOLVED that copies of this memorial be transmitted to the New Mexico legislative council, the department of finance and administration, the state investment council, the public employees retirement association and the educational retirement board.