New Mexico Public Employees Retirement Association

The board meeting included the adoption of the FY25 Actuarial Valuation reports, with a directive to the Executive Director to advocate for legislative changes requiring all employers to fulfill actuarial determined contributions. Additionally, the meeting featured an informational presentation from a retiree member, a report from the Executive Director, and a public comment session.

The board discussed and addressed several key agenda items, including the recruitment timeline and job announcement schedule for the Executive Director search, as well as the election of board officers. The board reviewed and approved the FY22 operating budget, including a legislative compensation increase for exempt employees, and deliberated on an administrative appeal regarding disability benefits. Additionally, the meeting covered the 2021 election report, verifying nominating petitions for state and municipal positions, and authorized a Memorandum of Understanding and Scope of Work regarding the withholding of association membership dues from retirement benefits. Updates were also provided regarding the investment portfolio's performance and operational staffing matters.

The board meeting covered several critical items, including the discussion of agenda amendments regarding executive leadership, the election of 2021 board officers, and deliberation on 2021 legislative bills such as HB162, SB194, and SB315. Audit reports for FY20 were presented by CliftonLarsonAllen for defined benefit funds and Moss Adams for the 457(b) plan. During an executive session, a 20% salary increase for the Acting Executive Director was approved. Additionally, the board received an investment update concerning market volatility related to recent 'Reddit' trading events.

The board meeting covered several critical topics, including an update on the strategic planning process and the introduction of the Board Smart governance learning program. The board conducted elections for 2022 officers, selecting a new Chair and Vice-Chair. Members reviewed actuarial long-term projections and debated positions on various 2022 legislative bills, including those impacting return-to-work programs, board reorganization, and judicial and magistrate retirement funds. Additionally, the board accepted the FY 21 PERA and 457B audit reports, received a CIO report on market performance and investment team staffing, and heard an update from the Executive Director regarding tax documents and board-related commemorations.

The committee meeting covered several informational items, including a Q4 FY25 investment performance review, a Q4 FY25 plan activity review, general plan updates, and a discussion regarding the Precious Metals Fund option in the core lineup. No action was taken on these items.