The state treasurer shall make disbursements from the educational retirement fund or the educational retirement suspense fund only on warrants issued by the department of finance and administration or through any other process as approved by the department of finance and administration. Warrants for disbursements from the educational retirement fund or the educational retirement suspense fund shall be issued by the department of finance and administration only upon voucher of the director. History: 1953 Comp., § 77-9-12, enacted by Laws 1967, ch. 16, § 136; 1993, ch. 69, § 2; 2011, ch. 157, § 3. ANNOTATIONSThe 2011 amendment, effective June 17, 2011, authorized the state treasurer to make disbursements from the educational retirement fund or the educational retirement suspense fund only on warrants or through another approved process. The 1993 amendment, effective June 18, 1993, added the language beginning 'or through any other process' at the end of the first sentence. New Mexico educational retirement board has exclusive authority to set salaries and make all administrative decisions for the educational retirement system. process' at the end of the first sentence. 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.
New Mexico Legal Code