New Mexico 2025 Regular Session

New Mexico Senate Bill SJR2 Compare Versions

Only one version of the bill is available at this time.

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28	28	SENATE JOINT RESOLUTION 2
29	29	57
30	30	TH LEGISLATURE
31	31	- STATE OF NEW MEXICO -
32	32	FIRST SESSION
33	33	, 2025
34	34	INTRODUCED BY
35	35	Roberto "Bobby" J. Gonzales and Cynthia Borrego
36	36	A JOINT RESOLUTION
37	37	PROPOSING TO AMEND ARTICLE 20 OF THE CONSTITUTION OF NEW MEXICO
38	38	BY ADDING A NEW SECTION TO PROHIBIT THE EXPENDITURE OR
39	39	ENCUMBRANCE OF TRUST FUNDS CREATED FOR PUBLIC EMPLOYEES RETIREE
40	40	HEALTH CARE FOR ANY PURPOSE EXCEPT FOR THE SOLE AND EXCLUSIVE
41	41	BENEFIT OF THE TRUST BENEFICIARIES; PROVIDING FOR THE
42	42	ADMINISTRATION OF THE TRUST FUNDS; AFFIRMING CERTAIN PROPERTY
43	43	RIGHTS.
44	44	BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
45	45	SECTION 1. It is proposed to amend Article 20 of the
46	46	constitution of New Mexico by adding a new section to read:
47	47	"A. All funds, assets, proceeds, income,
48	48	contributions, gifts and payments from any source whatsoever
49	49	paid into or held by a public employees retiree health care
50	50	system created by the laws of this state shall be held in a
51	51	.228945.1SA underscored material = new
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78	78	retiree health care trust fund to be administered and invested
79	79	for the sole and exclusive benefit of the members, retirees and
80	80	other beneficiaries. Expenditures from the trust fund shall be
81	81	made only for the benefit of the trust fund beneficiaries and
82	82	for expenses of administering the public employees retiree
83	83	health care system. The trust fund shall never be used,
84	84	diverted, loaned, assigned, pledged, invested, encumbered or
85	85	appropriated for any other purpose. To the extent consistent
86	86	with the provisions of this section, the trust fund shall be
87	87	invested and the public employees retiree health care system
88	88	administered as provided by law.
89	89	B. The board of the public employees retiree health
90	90	care system shall be the trustees of the trust fund, and the
91	91	board has the sole and exclusive fiduciary duty and
92	92	responsibility for administration and investment of the trust
93	93	fund.
94	94	C. The board of the public employees retiree health
95	95	care system has the sole and exclusive power and authority to
96	96	adopt actuarial assumptions based upon the recommendations made
97	97	by an independent actuary with whom it contracts.
98	98	D. Upon meeting the minimum service requirements of
99	99	an applicable retiree health care plan created by law for
100	100	employees of the state and any of its institutions or political
101	101	subdivisions, a member of a retiree health care plan shall
102	102	acquire a vested property right with due process protections
103	103	.228945.1SA
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131	131	under the applicable provisions of the constitution of New
132	132	Mexico and United States constitution.
133	133	E. Nothing in this section shall be construed to
134	134	prohibit modifications to retiree health care plans that
135	135	enhance or preserve the actuarial soundness of the trust fund
136	136	or individual retiree health care plans."
137	137	SECTION 2. The amendment proposed by this resolution
138	138	shall be submitted to the people for their approval or
139	139	rejection at the next general election or at any special
140	140	election prior to that date that may be called for that
141	141	purpose.
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