Lawmakers endorse overhaul of NM investment boards

AP News
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Posted: Dec 01, 2009 10:50 AM

A legislative panel proposes to overhaul the governing boards of New Mexico's investment and pension funds.

Lawmakers said Monday their goal is to improve management of state investments. The proposals come as federal investigators are looking at state investments and third-party marketers.

The Legislature's interim Investments Oversight Committee supports expanding the membership of the State Investment Council, the Educational Retirement Board and the Public Employees Retirement Association board.

The council oversees state permanent funds. The committee's proposal is similar to a bill vetoed this year by Gov. Bill Richardson. It would add more people to the council but weaken the governor's influence by trimming how many members he appoints.

The Legislature convenes in January for a 30-day session.