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 resolution also designates the board of the public employees retiree health care system as the trustees responsible for managing and investing the trust fund, with a fiduciary duty to act in the best interest of the beneficiaries.

Additionally, the amendment affirms that members of the retiree health care plan acquire vested property rights upon meeting certain service requirements, providing them with due process protections under both the New Mexico and U.S. constitutions. It allows for modifications to retiree health care plans that enhance the financial stability of the trust fund, ensuring that the system remains actuarially sound. The proposed amendment will be presented to the public for approval or rejection during the next general election or a special election prior to that date.