New Mexico Public Employees Retirement Association, Santa Fe, on May 31 voted to censure board member Patricia French for failing to fulfill her fiduciary duty to the pension fund and "for actions that fall below the high ethical standards," according to a news release.
Ms. French had violated the $15.4 billion pension plan's travel policy and "provided false information to the board regarding her participation in an investor conference in California," the release states.
The censure removes her from committee assignments for one year and bans her from traveling on pension plan business other than for regular board meetings. Further details were not provided.
"We did not take this action lightly or without careful thought," board chairman James Maxon said in the news release. "Ms. French had repeated opportunities to correct her violations of the PERA ACT (the state law governing the pension plan) that led to her censure for serious violations of her fiduciary duty."
Pension fund officials declined to provide further information beyond the news release. Ms. French could not be reached for comment by press time.