45th legislature - STATE OF NEW MEXICO - first session, 2001

REQUESTING THE LEGISLATIVE EDUCATION STUDY COMMITTEE TO WORK WITH THE LEGISLATIVE FINANCE COMMITTEE, THE EDUCATIONAL RETIREMENT BOARD, THE STATE DEPARTMENT OF PUBLIC EDUCATION AND THE COMMISSION ON HIGHER EDUCATION TO CONDUCT A STUDY ON THE LEVEL OF RETIREMENT BENEFITS THAT OTHER STATES PROVIDE TO PUBLIC HIGHER EDUCATION FACULTY AND CLASSIFIED STAFF EMPLOYEES, AND, IF NECESSARY, MAKE RECOMMENDATIONS TO IMPROVE RETIREMENT BENEFITS SO THE ARE NATIONALLY COMPETITIVE.

WHEREAS, to make knowledgeable compensation decisions, the New Mexico legislature and higher education institutions in this state require accurate and current data on retirement benefits provided to similar employees in other states; and

WHEREAS, the New Mexico legislature and higher education institutions have been provided conflicting estimates of New Mexico's higher education employee retirement benefits' rankings as compared to other states'; and

WHEREAS, accurate and current retirement benefits data are not available to the New Mexico legislature or to the employees of New Mexico's higher education institutions; and

WHEREAS, current retirement benefits may not be adequate to compete nationally for highly qualified public higher education faculty and classified staff in a global economy;

NOW, THEREFORE, BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO that the legislative education study committee work cooperatively with the educational retirement board, the legislative finance committee, the state department of public education and the commission on higher education to conduct a study to determine the level of retirement benefits provided by other states to similar employees of higher education institutions; and

BE IT FURTHER RESOLVED that the study provide a ranking of New Mexico's retirement benefits as compared to other states'; and

BE IT FURTHER RESOLVED that the education study committee include in its study recommendations for improvement, if comparisons demonstrate that New Mexico's retirement benefits for higher education faculty or classified staff are not competitive with other states'; and

BE IT FURTHER RESOLVED that the legislative education study committee present the results of its study to the New Mexico legislative council for distribution to legislators for consideration of legislation by December 15, 2001; and

BE IT FURTHER RESOLVED that copies of this memorial be transmitted to the legislative education study committee and its director, the director of the educational retirement board, the legislative finance committee and its director, the superintendent of public instruction and the executive director of the commission on higher education.