Current through Register Vol. 35, No. 18, September 24, 2024
A. The
investment committee shall be composed as set forth in
2.82.1.14
NMAC.
B. The investment committee
shall meet regularly each calendar quarter with additional meetings as
required. The committee shall elect a chairman annually who shall call special
meetings and preside at all meetings. A simple majority of the board members
currently serving on the committee shall constitute a quorum.
C. The investment committee shall have the
following responsibilities:
(1) to review all
actions taken by the investment division in the management of the fund and
recommend to the board specific action with regard to the continuation or
change in the investment practices of the investment vision;
(2) to review on a continuing basis the
investment philosophy and investment guidelines of the fund, make policy
recommendations to the board and generally oversee the investment activities of
the fund;
(3) to recommend the
employment of the services of an investment advisory firm to assist and advise
the board in the management of the fund;
(4) to recommend the employment of the
services of investment management firm(s) to manage a portion of the assets of
the fund, either through separately managed accounts or through individual,
common or collective trust funds;
(5) to establish asset allocation guidelines,
which shall define asset allocation targets and ranges, and to annually
review/modify these guidelines; as set forth in the ERB investment objectives
and guidelines which shall be approved by the investment committee and
recommended for board approval.
D. The investment committee may at any time
withdraw the authority of the investment division to execute orders on behalf
of the fund. Authority cannot be denied retroactively.
E. Investment committee members may attend
and participate in any regular or special investment committee meeting by
telephone or other electronic device only if:
(1) the member cannot attend the meeting due
to an emergency or unforeseen circumstance;
(2) the member's voice can clearly be heard
by everyone in attendance of the meetings and the member clearly identifies
himself before speaking or participating in a vote;
(3) the member has not attended regular
meetings electronically more than four times in a rolling twelve month
period;
(4) no more than two
members who otherwise qualify for participation under this section may do so at
the same meeting; and
(5) the
member otherwise complies with the Open Meetings Act.
