New Mexico Gov. Bill Richardson on Friday will get recommendations from a task force studying ways to solve a $2.3 billion unfunded liability of the $7.4 billion New Mexico Educational Retirement Board.
The panel recommended increased employer contributions, allowing the state's defined benefit plans to add alternative investments and issuing pension obligation bonds, said Frank Foy, CIO of the retirement board.
Meanwhile, a bill that would require the Educational Retirement Board to study the implications of moving new employees to a defined contribution plan passed the state House Feb. 10. This now goes to the Senate.
Also passing the House was a bill that would require the Educational Retirement Board to report annually on the solvency status of the Educational Retirement Fund.
The bills, as well as three others that would give the state pension systems the right to add alternative investments were tabled pending the task force recommendations, Mr. Foy said.