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Proposal would overhaul retirement board

The Roundhouse. (Eddie Moore/Journal file)

SANTA FE — Lawmakers this session might consider more than just shoring up the finances of New Mexico’s retirement plan for police, firefighters and other government employees.

A proposal to revise the governing structure of the pension system is also on tap.

Sen. George Muñoz, D-Gallup, has pre-filed a bill for the 2020 legislative session that would add the state’s Cabinet secretary for finance and administration to the governing board of the Public Employees Retirement Association, among other changes.

His proposal, Senate Bill 60, calls for an eight-person board that would also include appointees selected by the state personnel board, leaders of the state House and Senate, organizations representing counties and municipalities, and two people from an association of retirees.

It would replace the 12-member board now, which includes the secretary of state, state treasurer and members elected by people who participate in the retirement plan.

Gov. Michelle Lujan Grisham has said she intends to make changing the pension system part of the agenda for lawmakers in the 30-day session that begins Jan. 21.

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