A. The board shall review proposals providing investment options to participants of a deferred compensation plan submitted by deferred compensation carriers that have been engaged for a minimum of three years in the business of funding public employee deferred compensation plans authorized by 26 U.S.C. Section 457 and approve proposals that are consistent with the goals of providing state or local public employees with an investment that, in the opinion of the board, is safe and will provide a reasonable return to the employees upon their reaching the appropriate age or date at which they may begin receiving funds from the deferred compensation plan.
B. The type of deferred compensation investment options that may be approved include mutual funds, including stock, bond or capital preservation funds or any other investments determined by the board to fulfill the goals of providing viable deferred compensation for state or local public employees.
History: 1978 Comp., § 10-7A-5, enacted by Laws 1984, ch. 127, § 988.2; 1985, ch. 161, § 3; 2017, ch. 20, § 3.
ANNOTATIONSRepeals and reenactments. — Laws 1984, ch. 127, § 998.2, repealed former 10-7A-5 NMSA 1978, as amended by Laws 1983, ch. 251, § 2, and enacted a new section.
Compiler's notes. — The "board", referred to in the introductory language in Subsection A, apparently refers to the public employees' retirement board. See 10-7A-2 NMSA 1978 and notes thereto.
The 2017 amendment, effective June 16, 2017, expanded investment options for participants of deferred compensation plans; in Subsection A, after "deferred compensation carriers", deleted "which" and added "that", after "Section 457 and approve", deleted "not more than four such", and after "proposals", deleted "which" and added "that"; in Subsection B, deleted Paragraph B(1), deleted the paragraph designation B(2) and in former Paragraph B(2), after "stock", added "bond or capital preservation", after "funds", deleted "and money market funds", deleted Paragraph B(3), deleted the paragraph designation B(4), and in former Paragraph B(4), deleted "other deferred compensation investment options, including those created by the board not requiring funding agreements which deferred compensation carriers, deemed" and added "or any other investments determined".