A. The amount of salaries and fees to be paid by the board shall be fixed by the regulations of the board. B. Salaries and fees paid, and all other necessary expenditures of the board, shall be paid out of the fund unless otherwise provided by law. History: 1953 Comp., § 77-9-10, enacted by Laws 1967, ch. 16, § 134. ANNOTATIONSNew 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.
New Mexico Legal Code