N.M. Stat. » N.M. Stat. / Chapter 22 / Article 11
New Mexico Statutes

N.M. Stat. § 22-11-11 (2026)

Educational retirement fund; suspense fund.

✓ current as of May 2026
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A. The "educational retirement fund" and the "educational retirement suspense
fund" are created.

   B. The state treasurer shall be the custodian of the funds, and the board shall be
the trustee of the funds.

    C. All membership fees, contributions from members and local administrative units,
securities evidencing the investment of money from the fund, unclaimed member
contributions, interest, gifts, grants or bequests shall be deposited in the educational
retirement fund.

   D. All amounts received in satisfaction of a claim brought by private attorneys on
behalf of the board shall be deposited into the educational retirement suspense fund.
The board shall disburse the compensation due the private attorneys, together with
reimbursement for reasonable costs and expenses, in accordance with the terms of the
contract with the attorneys. After the disbursements have been made, the balance of
each deposit shall be distributed to the educational retirement fund.

History: 1953 Comp., § 77-9-11, enacted by Laws 1967, ch. 16, § 135; 2011, ch. 157, §
2; 2025, ch. 6, § 1.

                                    ANNOTATIONS

The 2025 amendment, effective June 20, 2025, provided that unclaimed member
contributions shall be deposited in the educational retirement fund; and in Subsection C,
after "investment of money from the fund" added "unclaimed member contributions".

The 2011 amendment, effective June 17, 2011, created the educational retirement
suspense fund for deposit of funds received in satisfaction of claims brought by private
attorneys and payment of attorney fees and cost.

New Mexico educational retirement board has exclusive authority to set salaries
and make all administrative decisions for the educational retirement system. —
The New Mexico educational retirement board, as the trustee of the New Mexico
educational retirement fund, has the sole and exclusive authority to set salaries and
make personnel decisions related to its administration of its funds under its
constitutional and statutory authority, and therefore the New Mexico department of
finance and administration does not have the authority to either reject salary increases
for employees of the New Mexico educational retirement board or seek the governor's
approval before implementing such approved salary increases. N.M. Educ. Ret. Bd. v.
Romero, 2024-NMCA-013.
Notes of Decisions
Cited in 7 cases (2 in the last 5 years), 1982–2023 · leading case: N.M. Educ. Ret. Bd. v. Romero, 541 P.3d 175 (N.M. Ct. App. 2023).
Sort: Relevance Newest Treatment
N.M. Educ. Ret. Bd. v. Romero, 541 P.3d 175 (N.M. Ct. App. 2023). · cites it 9× “DISCUSSION {2} DFA contends on appeal that the Act’s designation of the state treasurer as the “custodian” of educational retirement system funds, see § 22-11-11(A), (B), and the Act’s provision for disbursement of funds on warrants issued by DFA, see § 22-11-12, authorize DFA…”
Hill v. Vanderbilt Capital Advisors, LLC, 834 F. Supp. 2d 1228 (D.N.M. 2011). · cites it 3× “1978, § 22-11-11 (the “ERA”), established for the benefit of employees in New Mexico’s public schools, colleges, and universities.”
New Mexico Ex Rel. Nat'l Educ. Ass'n of New Mexico, Inc. v. Austin Capital Mgmt. Ltd., 671 F. Supp. 2d 1248 (D.N.M. 2009). “§§ 22-11-11, 22-11-12. The ERB, like the SIC, is under the State’s control to such an extent that it cannot be considered a political subdivision of the State.”
Vaughn v. State Taxation & Revenue Dep't, 648 P.2d 820 (N.M. Ct. App. 1982). “(§ 22-11-11, N.M.S.A.1978). It would be illogical for the legislature to protect only that portion of the fund represented by employee deductions and administrative unit contributions rather than the entire fund.”
Bartlett v. Cameron, 2014 NMSC 002 (N.M. 2013). · cites it 2× “See NMSA 1978, § 22-11-6 (2011) (describing the powers and duties ofthe ERB); see also NMSA 1978, §§ 22-11-11 to -15 (2011) (describing the educational retirement fund).”
N.M. Educ. Ret. Bd. v. Romero (N.M. Ct. App. 2023). · cites it 8× “3 DISCUSSION 4 {2} DFA contends on appeal that the Act’s designation of the state treasurer as the 5 “custodian” of educational retirement system funds, see § 22-11-11(A), (B), and the 6 Act’s provision for disbursement of funds on warrants issued by DFA, see § 22-11- 7 12,…”
Bartlett v. Cameron, 2014 NMSC 2 (N.M. 2013). · cites it 2× “See NMSA 1978, § 22-11-6 (2011) (describing the powers and duties of the ERB); see also NMSA 1978, §§ 22-11-11 to -15 (2011) (describing the educational retirement fund).”
— N.M. Stat. § 22-11-11(A) — 2 cases
N.M. Educ. Ret. Bd. v. Romero, 541 P.3d 175 (N.M. Ct. App. 2023). “DISCUSSION {2} DFA contends on appeal that the Act’s designation of the state treasurer as the “custodian” of educational retirement system funds, see § 22-11-11(A), (B), and the Act’s provision for disbursement of funds on warrants issued by DFA, see § 22-11-12, authorize DFA…”
N.M. Educ. Ret. Bd. v. Romero (N.M. Ct. App. 2023). “3 DISCUSSION 4 {2} DFA contends on appeal that the Act’s designation of the state treasurer as the 5 “custodian” of educational retirement system funds, see § 22-11-11(A), (B), and the 6 Act’s provision for disbursement of funds on warrants issued by DFA, see § 22-11- 7 12,…”
— N.M. Stat. § 22-11-11(B) — 2 cases
N.M. Educ. Ret. Bd. v. Romero, 541 P.3d 175 (N.M. Ct. App. 2023). “DISCUSSION {2} DFA contends on appeal that the Act’s designation of the state treasurer as the “custodian” of educational retirement system funds, see § 22-11-11(A), (B), and the Act’s provision for disbursement of funds on warrants issued by DFA, see § 22-11-12, authorize DFA…”
N.M. Educ. Ret. Bd. v. Romero (N.M. Ct. App. 2023). “3 DISCUSSION 4 {2} DFA contends on appeal that the Act’s designation of the state treasurer as the 5 “custodian” of educational retirement system funds, see § 22-11-11(A), (B), and the 6 Act’s provision for disbursement of funds on warrants issued by DFA, see § 22-11- 7 12,…”
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