New Mexico Register / Volume XXXII, Issue 24 / December 28, 2021

 

 

This is an amendment to 2.80.1800 NMAC, Sections 1, 8, 9, 10 and 11, effective 12/28/2021.

 

2.80.1800.1          ISSUING AGENCY:  Public Employees Retirement Association, [P. O. Box 2123] 33 Plaza La Prensa, Santa Fe, New Mexico [87504-2123] 87507.

[10/15/1997; 2.80.1800.1 NMAC - Rn, 2 NMAC 80.1800.1, 12/28/2001; A, 12/28/2021]

 

2.80.1800.8          GENERAL PROVISIONS

                A.            The board, at a regular meeting, shall employ an executive director who shall serve at the pleasure of the board and at a salary set by the board. The executive director shall be the chief administrative officer of the board and of the association and serve as a fiduciary to the retirement fund.  [He or she] The executive director shall attest to official actions of the board when required [and shall serve at the pleasure of the board].

                B.            The executive director is authorized to approve duly executed applications for affiliation by public employers, and applications for normal, disability and survivor pensions in order to insure timely processing of retirement pensions.  In cases of disability retirement applications, approval by the disability review committee is necessary prior to approval by the executive director.  All approvals by the executive director for pensions must be submitted for ratification by the board at its next regular meeting.

                C.            The executive director is authorized to perform any acts required of the board pursuant to a proper delegation of authority and rules and policies and procedures adopted by the board.

                D.            The board shall conduct an annual written evaluation of the executive director by the anniversary date of the appointment of the executive director.

                E.            The executive director shall adhere to the standards set forth in and be subject to the enforcement provisions of the New Mexico Governmental Conduct Act.

[10/15/1997; 11/15/1997; 2.80.1800.8 NMAC - Rn, 2 NMAC 80.1800.8, 12/28/2001; A, 12/28/2021]

 

2.80.1800.9          CONDUCT OF BUSINESS

                A.            The business affairs of the board shall be conducted by the executive director within the authority outlined by the public employees retirement act and rules and policies and procedures adopted by the board.

                B.            On behalf of the board, the executive director is authorized to execute vouchers, delegate others to execute vouchers, buy and sell, or assign, or otherwise acquire or dispose of stocks, bonds, notes, or other securities held by the board, and execute such other documents as may be necessary to the administration of the public employees retirement act.

                C.            The executive director shall obtain the board’s approval before requesting a formal opinion interpreting the law from the attorney general. The director may, however, obtain advice, either oral or written, from the attorney general as the need may arise.

                D.            The executive director is authorized to decide whether the association will seek lead plaintiff status in securities class action lawsuits in order to ensure a timely decision is made in accordance with applicable deadlines set out by the court. The executive director shall promptly apprise the board chair of such decisions. All such decisions shall be presented at the next board meeting and the board may ratify or reject the executive director’s decision. If the board rejects the executive director’s decision, the association shall seek to remove itself from lead plaintiff status.

                E.            The executive director may recommend and propose repeal, replacement, amendments, or new rules for action by the board. Any such recommendation shall be provided to each board member with the agenda for the meeting at which the recommendation will be considered, within a reasonable time, prior to being considered by the board.

[2.80.1800.9 NMAC – N, 12/28/2021]

 

2.80.1800.10        ADMINISTRATIVE BUDGETS:

                A.            The executive director shall prepare budgets and requests for appropriations, which shall be considered and approved by the board prior to submission to the department of finance and administration or legislature.

                B.            The executive director shall annually prepare an organizational chart coincident with the adoption of the budget. This chart shall include a description of all positions required for the operation of the association, and the executive director shall be responsible for staffing these positions. This responsibility shall include the authority for the employment, promotion, demotion and dismissal of all employees.

[2.80.1800.10 NMAC – N, 12/28/2021]

 

2.80.1800.11        ACTUARY:

                The executive director shall contract with an actuarial firm to be engaged for the purpose of performing routine actuarial services and annual actuarial valuations to be provided for in a contract to be approved by the board, subject to compliance with the procurement code rules and procedures.

[2.80.1800.11 NMAC – N, 12/28/2021]