Legislation Detail
SJR 5 PUBLIC EMPLOYEES RETIREE HEALTH CARE FUND, CA
Actions: [2] SRC/SJC-SRC [6] DP-SJC [7] DP - FAILED/S (14-25).
Scheduled: Not Scheduled
Senate Joint Resolution Bill 5 (SJR 5): This is a joint resolution proposing an amendment to Article 20 of the Constitution of New Mexico. This amendment focuses on the establishment and protection of a retiree health care trust fund for public employees.Legislation Overview:
Senate Joint Resolution Bill 5 (SJR 5) Is related to the public employee's retiree health care system. Emphasizes that the fund is for the sole and exclusive benefit of the trust beneficiaries. B. Designates the board of the public employee's retiree health care system as trustees with sole fiduciary duty and responsibility for the administration and investment of the trust fund. C. Grants the board the power to adopt actuarial assumptions based on recommendations from an independent actuary. Prohibits the legislature from altering the funding formula for a retiree health care plan unless it preserves benefits and provides adequate funding. D. States that upon meeting the minimum service requirements, a member of a retiree health care plan acquires a vested property right with due process protections. E. Allows modifications to retiree health care plans to enhance or preserve actuarial soundness. Section 2: Submission to the People - Proposes that the amendment be submitted to the people for approval or rejection at the next general election or any special election called for that purpose.