New Mexico Statutes 22-11-11. Educational retirement fund; suspense fund
A. The “educational retirement fund” and the “educational retirement suspense fund” are created.
Terms Used In New Mexico Statutes 22-11-11
- Contract: A legal written agreement that becomes binding when signed.
- Trustee: A person or institution holding and administering property in trust.
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, 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.