This joint resolution proposes an amendment to Article 20 of the New Mexico Constitution, aimed at safeguarding the trust funds established for public employees' retiree health care. The amendment stipulates that all funds related to the retiree health care system must be exclusively used for the benefit of the beneficiaries, which include members and retirees. It prohibits any diversion or appropriation of these funds for purposes outside of their intended use, ensuring that expenditures are strictly for the beneficiaries and the administration of the health care system. The board overseeing the public employees retiree health care system will serve as the trustees of the trust fund, holding fiduciary responsibility for its management and investment.

Additionally, the resolution affirms that members of the retiree health care plan will acquire vested property rights upon meeting specific service requirements, providing them with due process protections under both state and federal constitutions. The amendment allows for modifications to retiree health care plans that aim to enhance or maintain the financial stability of the trust fund. The proposed amendment will be presented to the public for approval or rejection during the next general election or any special election called before that date.