New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 80 - PUBLIC EMPLOYEES RETIREMENT
Part 300 - INVESTMENT POLICIES AND PRACTICES
Section 2.80.300.30 - BEST EXECUTION AND BEST PRICE
Universal Citation: 2 NM Admin Code 2.80.300.30
Current through Register Vol. 35, No. 18, September 24, 2024
A. Statement of policy: The New Mexico public employees retirement board adopts the following statement as its policy with respect to securities transactions of the PERA investment funds.
(1) The board serves as trustee of the
retirement funds created under the Public Employees Retirement Act, NMSA 1978,
Section
10-11-1 et
seq.; the Judicial Retirement Act, NMSA 1978, Section
10-12B-1
et seq.; the Magistrate Retirement Act, NMSA 1978, Section
10-12C-1
et seq.; and the Volunteer Firefighters Retirement Act, NMSA 1978, Section
10-11A-1
et seq.
(2) As trustee of these
funds, the board has a fiduciary responsibility to invest these funds solely in
the interest of the members, retirees, and beneficiaries and exclusively to
provide benefits to the members, retirees, and beneficiaries and to pay
reasonable administrative costs. The board also has a fiduciary obligation to
give primacy to the preservation of trust funds and to insure the procurement
of a reasonable income while avoiding undue investment risks.
(3) The board has delegated the investment of
the funds under its jurisdiction to external investment managers.
(4) By contractual agreement, the board has
delegated to its investment managers full discretion with regard to securities
transactions so long as they conform to New Mexico state statutes, the PERA
investment policy and the specific PERA investment objectives and guidelines
for each particular investment portfolio.
(5) Both by contract and by virtue of common
law trust principles, the investment managers serve as fiduciaries to PERA and
must at all times act in a fiduciary capacity to PERA and the investment
accounts assigned to them.
(6) As
fiduciaries of the funds, both the board and its investment managers are
obligated to require that all securities transactions be made on the basis of
best execution under the circumstances at the lowest available price.
(7) The board's policy is that all securities
transactions shall be executed on the basis of best execution under the
circumstances at the lowest available price and that all investment decisions
shall be made solely for the benefit of the members, retirees and their
beneficiaries.
B. [Reserved]
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