The bill amends Section 22-11-6 of the New Mexico Educational Retirement Act to clarify the powers and duties of the Educational Retirement Board. It outlines the board's responsibilities, including enforcing the act, hiring employees, making actuarial reports, accepting donations, and adopting regulations. Additionally, the board is granted the authority to select custodial banks for managing investment fund assets and to contract for legal services on a contingent fee basis, with specific provisions for attorney general review and contractor disclosures.

Notably, the bill introduces new provisions allowing the board to purchase, acquire, or hold real property, as well as to build or own a building and related improvements. This addition expands the board's capabilities in managing its assets and investments, enhancing its operational flexibility. The bill also removes a previous clause regarding custodial banks, streamlining the language for clarity.

Statutes affected:
introduced version: 22-11-6