SENATE BILL 1162

48th legislature - STATE OF NEW MEXICO - first session, 2007

INTRODUCED BY

Stuart Ingle

AN ACT

RELATING TO EDUCATIONAL RETIREMENT; CHANGING THE COMPOSITION AND APPOINTING AUTHORITY OF THE EDUCATIONAL RETIREMENT BOARD.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     Section 1. Section 22-11-3 NMSA 1978 (being Laws 1967, Chapter 16, Section 127, as amended) is amended to read:

     "22-11-3. EDUCATIONAL RETIREMENT BOARD--MEMBERS--TERMS--VACANCIES.--

          A. The "educational retirement board" is created.

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

                (1) the [superintendent of public instruction] secretary of public education;

                (2) the state treasurer;

                (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 New Mexico education association;

                (5) [one member to be elected for a term of four years by the New Mexico members of the American association of university professors] the chief financial officer of a four-year state institution of higher education appointed by the governor; and

                (6) two members to be appointed by the governor for terms of four years each.

          C. 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.

          D. Vacancies occurring in the [term] 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."

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