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.169206.1

HOUSE MEMORIAL 92

48

TH LEGISLATURE

- STATE OF NEW MEXICO -

FIRST SESSION

, 2007

INTRODUCED BY

Mimi Stewart

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

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.169206.1

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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;

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

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.169206.1

submitted to the legislative education study committee and to

the New Mexico legislative council.

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