Summary:

 Senate Joint Resolution 2  (SJR2 ) A Joint Resolution proposing to amend Article 20 of the Constitution of New Mexico by adding a new section to prohibit the expenditure or encumbrance of trust funds created by for Public Employees Retiree Health Care for any purposes except for the sole and exclusive benefit of the trust beneficiaries and providing for the administration of the trust funds and affirming certain property rights.  

Legislation Overview:

 Senate Joint Resolution2 (SJR2)  This Joint Resolution would propose to modify Section 20 of the New Mexico Constitution by adding a new Section that would prohibit the expenditure or encumbrance of trust funds for the Public Employee Retiree Health Care for any purpose except for the sole and exclusive benefit of the trust beneficiaries. 
All funds, assets, proceeds, income, contributions, gifts and payments from any source whatsoever paid into or held by a public employees retiree health care system created by the laws of this state shall be held in a retiree health care trust fund to be administered and invested for the sole and exclusive benefit of the members, retirees and other beneficiaries.
The trust fund shall never be used, diverted, loaned, assigned, pledged, invested, encumbered or appropriated for any other purpose.  To the extent consistent with the provisions of this section, the trust fund shall be invested and the public employees retiree health care system administered as provided by law.
The trust fund shall be invested and the public employees retiree health care system administered as provided by law.
The Board of the public employees retiree health care system shall be the trustees of the trust fund, and the board has the sole and exclusive fiduciary duty and responsibility for administration and investment of the trust fund.  
The Board shall adopt actuarial assumptions from an independent actuary. 
Upon meeting the minimum service requirements of an applicable retiree health care plan created by law for employees of the state and any of its institutions or political subdivisions, a member of a retiree health care plan shall acquire a vested property right with due process protections.
Nothing shall be construed to prohibit modifications to retiree health care plans that enhance or preserve the actuarial soundness of the trust fund or individual retiree health care plans.
The amendment proposed by this resolution shall be submitted to the people for their approval or rejection at the next general election or at any special election prior to that date that may be called for that purpose.