New Mexico Statutes 10-11-132. Investment of funds; prudent investor standard;
indemnification of board members.
Terms Used In New Mexico Statutes 10-11-132
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Trustee: A person or institution holding and administering property in trust.
The funds created by the state retirement system acts are trust funds of which the retirement board is trustee. Members of the retirement board jointly and individually shall be indemnified by the state from the funds administered by the retirement board from all claims, demands, suits, actions, damages, judgments, costs, charges and expenses, including court costs and attorney fees and against all liability losses and damages of any nature that members shall or may sustain by reason of any decision made in the performance of their duties pursuant to the state retirement system acts.
The retirement board shall invest and reinvest the funds in accordance with the Uniform Prudent Investor Act N.M. Stat. Ann. § 45-7-601 to 45-7-612.