0001| HOUSE BILL 1174 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| BEN LUJAN | 0005| | 0006| | 0007| | 0008| FOR THE NEW MEXICO FINANCE AUTHORITY OVERSIGHT COMMITTEE | 0009| | 0010| AN ACT | 0011| RELATING TO THE PUBLIC EMPLOYEES RETIREMENT ACT; APPLYING THE | 0012| PUBLIC EMPLOYEES RETIREMENT ACT TO THE NEW MEXICO FINANCE | 0013| AUTHORITY. | 0014| | 0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0016| Section 1. Section 6-21-4 NMSA 1978 (being Laws 1992, | 0017| Chapter 61, Section 4) is amended to read: | 0018| "6-21-4. NEW MEXICO FINANCE AUTHORITY CREATED-- | 0019| MEMBERSHIP--QUALIFICATIONS--QUORUM--MEETINGS--COMPENSATION-- | 0020| BOND.-- | 0021| A. There is created a public body politic and | 0022| corporate constituting a governmental instrumentality to be | 0023| known as the "New Mexico finance authority" for the performance | 0024| of essential public functions. | 0025| B. The authority shall be composed of twelve | 0001| members. The state investment officer, the secretary of | 0002| finance and administration, the secretary of economic | 0003| development, the secretary of energy, minerals and natural | 0004| resources, the secretary of environment, the executive director | 0005| of the New Mexico municipal league and the executive director | 0006| of the New Mexico association of counties or their designees | 0007| shall be ex-officio members of the authority with voting | 0008| privileges. The governor, with the advice and consent of the | 0009| senate, shall appoint to the authority the chief financial | 0010| officer of a state higher educational institution and four | 0011| members who are residents of the state. The appointed members | 0012| shall serve at the pleasure of the governor. | 0013| C. The appointed members of the authority shall be | 0014| appointed to four-year terms. The initial members shall be | 0015| appointed to staggered terms of four years or less, so that the | 0016| term of at least one member expires on January 1 of each year. | 0017| Vacancies shall be filled by appointment by the governor for | 0018| the remainder of the unexpired term. Any member of the | 0019| authority shall be eligible for reappointment. | 0020| D. Each appointed member before entering upon his | 0021| duty shall take an oath of office to administer the duties of | 0022| his office faithfully and impartially. A record of the oath | 0023| shall be filed in the office of the secretary of state. | 0024| E. The governor shall designate an appointed member | 0025| of the authority to serve as chairman. The authority shall | 0001| elect annually one of its members to serve as vice chairman. | 0002| The authority shall appoint and prescribe the duties of such | 0003| other officers, who need not be members, as the authority deems | 0004| necessary or advisable, including an executive director and a | 0005| secretary, who may be the same person. The authority may | 0006| delegate to one or more of its members, officers, employees or | 0007| agents such powers and duties as it may deem proper and | 0008| consistent with the New Mexico Finance Authority Act. | 0009| F. The executive director of the authority shall | 0010| direct the affairs and business of the authority, subject to | 0011| the policies, control and direction of the authority. The | 0012| secretary of the authority shall keep a record of the | 0013| proceedings of the authority and shall be custodian of all | 0014| books, documents and papers filed with the authority, the | 0015| minute book or journal of the authority and its official seal. | 0016| The secretary shall make copies of all minutes and other | 0017| records and documents of the authority and give certificates | 0018| under the official seal of the authority to the effect that the | 0019| copies are true copies, and all persons dealing with the | 0020| authority may rely upon the certificates. | 0021| G. Meetings of the authority shall be held at the | 0022| call of the chairman or whenever three members shall so request | 0023| in writing. A majority of members then serving constitutes a | 0024| quorum for the transaction of any business. The affirmative | 0025| vote of at least a majority of a quorum present shall be | 0001| necessary for any action to be taken by the authority. An ex- | 0002| officio member may designate in writing another person to | 0003| attend meetings of the authority and to the same extent and | 0004| with the same effect act in his stead. No vacancy in the | 0005| membership of the authority shall impair the right of a quorum | 0006| to exercise all rights and perform all duties of the authority. | 0007| H. Each member of the authority shall give bond as | 0008| provided in the Surety Bond Act. All costs of the surety bonds | 0009| shall be borne by the authority. | 0010| I. The authority is not created or organized, and | 0011| its operations shall not be conducted, for the purpose of | 0012| making a profit. No part of the revenues or assets of the | 0013| authority shall benefit or be distributable to its members, | 0014| officers or other private persons. The members of the | 0015| authority shall receive no compensation for their services, but | 0016| shall be reimbursed for actual and necessary expenses at the | 0017| same rate and on the same basis as provided for public officers | 0018| in the Per Diem and Mileage Act. | 0019| J. The authority shall not be subject to the | 0020| supervision or control of any other board, bureau, department | 0021| or agency of the state except as specifically provided in the | 0022| New Mexico Finance Authority Act. No use of the terms "state | 0023| agency" or "instrumentality" in any other law of the state | 0024| shall be deemed to refer to the authority unless the authority | 0025| is specifically referred to in the law. | 0001| K. The authority is a governmental instrumentality | 0002| for purposes of the Tort Claims Act and the Public Employees | 0003| Retirement Act." | 0004| Section 2. Section 10-11-2 NMSA 1978 (being Laws 1987, | 0005| Chapter 253, Section 2, as amended) is amended to read: | 0006| "10-11-2. DEFINITIONS.--As used in the Public Employees | 0007| Retirement Act: | 0008| A. "accumulated member contributions" means the | 0009| amounts deducted from the salary of a member and credited to | 0010| the member's individual account, together with interest, if | 0011| any, credited to that account; | 0012| B. "affiliated public employer" means the state and | 0013| any public employer affiliated with the association as provided | 0014| in the Public Employees Retirement Act, but does not include an | 0015| employer pursuant to the Magistrate Retirement Act, the | 0016| Judicial Retirement Act or the Educational Retirement Act; | 0017| C. "association" means the public employees | 0018| retirement association established under the Public Employees | 0019| Retirement Act; | 0020| D. "disability retired member" means a retired | 0021| member who is receiving a pension pursuant to the disability | 0022| retirement provisions of the Public Employees Retirement Act; | 0023| E. "disability retirement pension" means the | 0024| pension paid pursuant to the disability retirement provisions | 0025| of the Public Employees Retirement Act; | 0001| F. "educational retirement system" means that | 0002| retirement system provided for in the Educational Retirement | 0003| Act; | 0004| G. "employee" means any employee of an affiliated | 0005| public employer; | 0006| H. "federal social security program" means that | 0007| program or those programs created and administered pursuant to | 0008| the act of congress approved August 14, 1935, Chapter 531, 49 | 0009| Stat. 620, as that act may be amended; | 0010| I. "final average salary" means the final average | 0011| salary calculated in accordance with the provisions of the | 0012| applicable coverage plan; | 0013| J. "form of payment" means the applicable form of | 0014| payment of a pension provided for in Section 10-11-117 NMSA | 0015| 1978; | 0016| K. "former member" means a person who was | 0017| previously employed by an affiliated public employer, who has | 0018| terminated that employment and who has received a refund of | 0019| member contributions; | 0020| L. "fund" means the funds included under the Public | 0021| Employees Retirement Act; | 0022| M. "member" means a currently employed, | 0023| contributing employee of an affiliated public employer, or a | 0024| person who has been but is not currently employed by an | 0025| affiliated public employer, who has not retired and who has not | 0001| received a refund of member contributions; "member" also | 0002| includes the following: | 0003| (1) "hazardous duty member" means a state | 0004| policeman who is a member and who is a juvenile or adult | 0005| correctional officer employed by a corrections facility of the | 0006| corrections department or its successor agency; | 0007| (2) "municipal fire member" means any member | 0008| who is employed as a full-time nonvolunteer firefighter by an | 0009| affiliated public employer and who has taken the oath | 0010| prescribed for firefighters; | 0011| (3) "municipal police member" means any member | 0012| who is employed as a police officer by an affiliated public | 0013| employer, other than the state, and who has taken the oath | 0014| prescribed for police officers; and | 0015| (4) "state police member" means any member who | 0016| is an officer of the New Mexico state police and who has taken | 0017| the oath prescribed for such officers; | 0018| N. "membership" means membership in the | 0019| association; | 0020| O. "pension" means a series of monthly payments to | 0021| a retired member or survivor beneficiary as provided in the | 0022| Public Employees Retirement Act; | 0023| P. "public employer" means the state, [any] a | 0024| municipality, city, county, governmental instrumentality, | 0025| including the New Mexico finance authority, metropolitan | 0001| arroyo flood control authority, economic development district, | 0002| regional housing authority, soil and water conservation | 0003| district, entity created pursuant to a joint powers agreement, | 0004| council of government, conservancy district, water and | 0005| sanitation district, water district and metropolitan water | 0006| board, including the boards, departments, bureaus and agencies | 0007| of a public employer, so long as these entities fall within the | 0008| meaning of governmental plan as that term is used in Section | 0009| 414(d) of the Internal Revenue Code of 1986, as amended; | 0010| Q. "refund beneficiary" means a person designated | 0011| by the member, in writing, in the form prescribed by the | 0012| association, as the person who would be refunded the member's | 0013| accumulated member contributions payable if the member dies and | 0014| no survivor pension is payable or who would receive the | 0015| difference between pension paid and accumulated member | 0016| contributions if the retired member dies before receiving in | 0017| pension payments the amount of the accumulated member | 0018| contributions; | 0019| R. "retire" means to: | 0020| (1) terminate employment with all employers | 0021| covered by any state system or the educational retirement | 0022| system; and | 0023| (2) receive a pension from a state system or | 0024| the educational retirement system; | 0025| S. "retired member" means a person who has met all | 0001| requirements for retirement and who is receiving a pension from | 0002| the fund; | 0003| T. "retirement board" means the retirement board | 0004| provided for in the Public Employees Retirement Act; | 0005| U. "salary" means the base salary or wages paid a | 0006| member, including longevity pay, for personal services rendered | 0007| an affiliated public employer. "Salary" shall not include | 0008| overtime pay, allowances for housing, clothing, equipment or | 0009| travel, payments for unused sick leave, unless the unused sick | 0010| leave payment is made through continuation of the member on the | 0011| regular payroll for the period represented by that payment, and | 0012| any other form of remuneration not specifically designated by | 0013| law as included in salary for Public Employees Retirement Act | 0014| purposes. Salary in excess of the limitations set forth | 0015| in Section 401(a) (17) of the Internal Revenue Code of 1986, as | 0016| amended shall be disregarded. The limitation on compensation | 0017| for eligible employees shall not be less than the amount that | 0018| was allowed to be taken into account under the state retirement | 0019| system acts in effect on July 1, 1993. For purposes of this | 0020| section, "eligible employee" means an individual who was a | 0021| member of a state system before the first plan year beginning | 0022| after December 31, 1995; | 0023| V. "state system" means the retirement programs | 0024| provided for in the Public Employees Retirement Act, the | 0025| Magistrate Retirement Act and the Judicial Retirement Act; | 0001| W. "state retirement system acts" means | 0002| collectively the Public Employees Retirement Act, the | 0003| Magistrate Retirement Act, the Judicial Retirement Act and the | 0004| Volunteer Firefighters Retirement Act; and | 0005| X. "survivor beneficiary" means a person who | 0006| receives a pension or who has been designated to be paid a | 0007| pension as a result of the death of a member or retired | 0008| member." | 0009| - 10 - | 0010| | 0011| | 0012| | 0013| | 0014| | 0015| | 0016| | 0017| | 0018| | 0019| | 0020| | 0021| | 0022| | 0023| | 0024| | 0025| | 0001| | 0002| | 0003| | 0004| State of New Mexico | 0005| House of Representatives | 0006| | 0007| FORTY-THIRD LEGISLATURE | 0008| FIRST SESSION, 1997 | 0009| | 0010| | 0011| February 28, 1997 | 0012| | 0013| | 0014| Mr. Speaker: | 0015| | 0016| Your TAXATION AND REVENUE COMMITTEE, to whom has | 0017| been referred | 0018| | 0019| HOUSE BILL 1174 | 0020| | 0021| has had it under consideration and reports same with | 0022| recommendation that it DO PASS. | 0023| | 0024| Respectfully submitted, | 0025| | 0001| | 0002| | 0003| | 0004| | 0005| Jerry W. Sandel, Chairman | 0006| | 0007| | 0008| Adopted Not Adopted | 0009| | 0010| (Chief Clerk) (Chief Clerk) | 0011| | 0012| Date | 0013| | 0014| The roll call vote was 7 For 0 Against | 0015| Yes: 7 | 0016| No: Crook, Gubbels | 0017| Excused: Gonzales, Lovejoy, Ryan, Sandoval | 0018| Absent: None | 0019| | 0020| | 0021| G:\BILLTEXT\BILLW_97\H1174 | 0022| | 0023| FORTY-THIRD LEGISLATURE | 0024| FIRST SESSION, 1997 | 0025| | 0001| | 0002| March 16, 1997 | 0003| | 0004| Mr. President: | 0005| | 0006| Your PUBLIC AFFAIRS COMMITTEE, to whom has been | 0007| referred | 0008| | 0009| HOUSE BILL 1174 | 0010| | 0011| has had it under consideration and reports same with | 0012| recommendation that it DO PASS, and thence referred to the | 0013| FINANCE COMMITTEE. | 0014| | 0015| Respectfully submitted, | 0016| | 0017| | 0018| | 0019| | 0020| __________________________________ | 0021| Shannon Robinson, Chairman | 0022| | 0023| | 0024| | 0025| Adopted_______________________ Not | 0001| Adopted_______________________ | 0002| (Chief Clerk) (Chief Clerk) | 0003| | 0004| | 0005| Date ________________________ | 0006| | 0007| | 0008| The roll call vote was 4 For 1 Against | 0009| Yes: 4 | 0010| No: Adair | 0011| Excused: Boitano, Vernon, Garcia, Ingle | 0012| Absent: None | 0013| | 0014| | 0015| | 0016| | 0017| H1174PA1 | 0018| | 0019| FORTY-THIRD LEGISLATURE | 0020| FIRST SESSION, 1997 | 0021| | 0022| | 0023| March 18, 1997 | 0024| | 0025| Mr. President: | 0001| | 0002| Your FINANCE COMMITTEE, to whom has been referred | 0003| | 0004| HOUSE BILL 1174 | 0005| | 0006| has had it under consideration and reports same with | 0007| recommendation that it DO PASS. | 0008| | 0009| Respectfully submitted, | 0010| | 0011| | 0012| | 0013| | 0014| __________________________________ | 0015| Ben D. Altamirano, Chairman | 0016| | 0017| | 0018| | 0019| Adopted_______________________ Not | 0020| Adopted_______________________ | 0021| (Chief Clerk) (Chief Clerk) | 0022| | 0023| | 0024| | 0025| Date ________________________ | 0001| | 0002| | 0003| The roll call vote was 6 For 0 Against | 0004| Yes: 6 | 0005| No: None | 0006| Excused: Carraro, Eisenstadt, Ingle, McKibben | 0007| Absent: None | 0008| | 0009| | 0010| H1174FC1 | 0011| | 0012| | 0013| FORTY-THIRD LEGISLATURE | 0014| FIRST SESSION, 1997 | 0015| | 0016| | 0017| March 18, 1997 | 0018| | 0019| Mr. President: | 0020| | 0021| Your FINANCE COMMITTEE, to whom has been referred | 0022| | 0023| HOUSE BILL 1174 | 0024| | 0025| has had it under consideration and reports same with | 0001| recommendation that it DO PASS. | 0002| | 0003| Respectfully submitted, | 0004| | 0005| | 0006| | 0007| | 0008| __________________________________ | 0009| Ben D. Altamirano, Chairman | 0010| | 0011| | 0012| | 0013| Adopted_______________________ Not | 0014| Adopted_______________________ | 0015| (Chief Clerk) (Chief Clerk) | 0016| | 0017| | 0018| | 0019| Date ________________________ | 0020| | 0021| | 0022| The roll call vote was 6 For 0 Against | 0023| Yes: 6 | 0024| No: None | 0025| Excused: Aragon, Carraro, Eisenstadt, Ingle, McKibben | 0001| Absent: None | 0002| | 0003| | 0004| H1174FC1 |