PUBLIC PENSION FUND INCREASE PUT ON HOLD
STATEWIDE (KSMX)- The board overseeing a $15 billion public pension fund placed pay increases on hold for top staff members yesterday amid allegations over prior raises and whether they were approved properly.
The New Mexico Public Employees Retirement Association board on Tuesday delayed authorization of scheduled pay raises of 4% for 11 appointed employees, including the executive director of the pension plan for state and local workers.
At the same time, the board approved a 4% raise for about 75 rank-and-file retirement fund employees under a $37 million annual operating budget.
Board member and State Treasurer Tim Eichenberg warned that pension finances and fiduciary obligations have been eroded by successive pay increase at the self-funded agency that were approved without a public vote of the full board, dating back to at least 2004.
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