SENATE BILL 130

47th legislature - STATE OF NEW MEXICO - second session, 2006

INTRODUCED BY

John Arthur Smith

FOR THE STATE PERMANENT FUND TASK FORCE AND

THE LEGISLATIVE FINANCE COMMITTEE

AN ACT

RELATING TO EDUCATION; EXPANDING THE MEMBERSHIP OF THE EDUCATIONAL RETIREMENT BOARD; AMENDING A SECTION OF THE NMSA 1978.

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] ten members, consisting of the following:

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

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

                (7) one member to be appointed by the governor for a term of four years who possesses at least ten years of investment or public finance experience;

                (8) one member to be appointed by the university presidents' council for a term of four years who possesses at least ten years of investment or public finance experience; and

                (9) one member to be appointed by the New Mexico coalition of school administrators for a term of four years who possesses at least ten years of investment or public finance experience.

          [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 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.]

          C. A vacancy occurring in the term of an appointed member shall be filled by the appointing authority for the unexpired term. A vacancy occurring in the term of an elected member shall be filled by the appropriate association electing a new member to fill the unexpired term."

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