The PERA (Public Employees Retirement Association of New Mexico) Board is out of control and neglecting its fiduciary duties. News outlets documented the inability of trustees to get down to business and address the deficiencies identified with solvency.
Budgets have not been submitted in accordance with state law and correspondence to the trustees and the state auditor states, “This failure to act to submit the budget by the statutory date was reckless or negligent, or both, and coupled with the board’s lack of focus on its fiduciary responsibilities puts retirees and future generations of retirees at risk. The board’s behavior is unacceptable and harms the fund’s membership.”
The board has neglected fiduciary responsibilities and incumbents running for re-election need to be replaced. The retiree trustee has been reprimanded and censured for 12 identified violations of board policies and Code of Conduct.
Many of these violations were identified as “repeatedly disrupting board business, jeopardizing the board’s ability to fulfill its duties.”
PERA retirees will receive ballots soon.
I am committed to fiduciary responsibilities first and foremost, striving to build consensus on the board and promoting retiree concerns to protect our retirement.
I will be accountable and lead by example.
Jeffrey M. Riggs