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A MEMORIAL

REQUESTING THE LEGISLATIVE EDUCATION STUDY COMMITTEE AND THE

APPROPRIATE INTERIM LEGISLATIVE COMMITTEE TO STUDY THE

FEASIBILITY OF COMBINING THE EDUCATIONAL RETIREMENT SYSTEM AND

THE PUBLIC EMPLOYEES RETIREMENT SYSTEM.

WHEREAS, New Mexico has maintained separate retirement

systems, since their inception, for public employees, one for

its educational employees and another for other public

employees; and

WHEREAS, over the years, the laws for each system have

changed so that the systems have very different eligibility

requirements for retirement, retirement benefits and employer

and employee contributions; and

WHEREAS, each system maintains a separate retirement

fund for its members with each fund having its own contingent

liability and actuarial valuation; and

WHEREAS, all members of both systems are public

employees whose salaries are derived from the public money of

the state or its political subdivisions or institutions; and

WHEREAS, there is no rational basis for maintaining the

two separate and different retirement systems; and

WHEREAS, the state and its political subdivisions and

institutions and all public employees in this state may be

better served if the two retirement systems are combined;

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NOW, THEREFORE, BE IT RESOLVED BY THE HOUSE OF

REPRESENTATIVES OF THE STATE OF NEW MEXICO that the

legislative education study committee and the state

investments and pensions oversight committee, or such other

committee as designated by the New Mexico legislative council,

be requested to study the feasibility of combining the

educational retirement system and the public employees

retirement system; and

BE IT FURTHER RESOLVED that the study include the legal,

practical and monetary consequences of combining the

retirement systems, as well as the basic inequities of

maintaining two separate and very different systems; and

BE IT FURTHER RESOLVED that the study be submitted to

the governor and to the legislature on or before December 1,

2007; and

BE IT FURTHER RESOLVED that copies of this memorial be

submitted to the legislative education study committee and to

the New Mexico legislative council.