Educational Retirement Board Of New Mexico

Educational Retirement Board of New Mexico
Basic facts
Location:	Santa Fe, New Mexico
Top official:	Russell Goff, chair
Year founded:	1925
Active members:	61,503
Website:	Official website
Total assets under management
2023:	$16.2 billion

See also: Public pensions in New Mexico

The Educational Retirement Board of New Mexico (ERB) is a New Mexico state pension fund that provides retirement, disability, and survivor benefits to the state's active and retired public school employees, employees of higher education institutions, and certain employees of state agencies working in educational programs. ERB had $16.2 billion in total assets under management as of June 30, 2023.^[1]

The management of public pension funds can indicate support or opposition to environmental, social, and corporate governance (ESG) investment practices. ESG investing considers the extent to which corporations align with and promote certain non-financial standards, such as net carbon emission or corporate board diversity goals. States typically hire asset management companies (AMCs) to direct pension plan investments, some of which have ESG commitments that guide their strategies.

This article features the following sections:

• Background: Information about the structure and functions of ERB.
• Pension performance overview: Overview of the funding level and assets managed by ERB.
• Assets and asset management: Information about the asset management companies (AMCs) that contract with ERB, including a list of contracting AMCs that are participants in the Net Zero Asset Managers Initiative and the Climate Action 100+ initiative.
• Governance and accountability: Details about ERB's oversight board, including members and selection.

Background[edit]

See also: Public pensions

The Educational Retirement Board of New Mexico (ERB), founded in 1925, invests the assets of and provides funding for the retirement of the state’s active and retired public school employees, employees of higher education institutions, and certain employees of state agencies working in educational programs. ERB operates as a defined benefit plan.^[2][3]

ERB served over 61,503 active members and approximately 54,774 retirees and beneficiaries as of June 2023.^[2]

Pension performance overview[edit]

The following table features information about the funding level and assets managed by the Educational Retirement Board of New Mexico as of June 30, 2023:^[1]

Educational Retirement Board of New Mexico pension performance (June 30, 2023)
Fiscal year	Percent funded	Unfunded liabilities	Total assets[4]
2023	62.9%	$9.6 billion	$16.2 billion

Assets and asset management[edit]

Environmental, social, and corporate governance
• What is ESG? • Enacted ESG legislation • Arguments for and against ESG • Opposition to ESG • Federal ESG rules • Economy and Society: Ballotpedia's weekly ESG newsletter

Asset management companies (AMCs) are hired to manage asset investment for state pension funds across all 50 states.

As of October 2024, 330 AMCs were members of the Net Zero Asset Managers Initiative (NZAM), and 391 AMCs were investor participants in the Climate Action 100+ initiative. Both international asset manager initiatives aimed to align the investment decisions of signatories with the goal of achieving net zero greenhouse gas emissions by 2050.^[5][6]

NZAM announced on January 13, 2025, that it was suspending operations and removing the commitment statement and list of signatories from its website. The group said in a statement it would reevaluate its plans and operations in light of “[r]ecent developments in the U.S. and different regulatory and client expectations in investors’ respective jurisdictions.”^[7]

List of AMCs contracting with the Educational Retirement Board of New Mexico[edit]

The Educational Retirement Board of New Mexico (ERB) contracted with 64 asset management companies (AMCs) or specific funds as of August 26, 2022. Of those companies, six were investor participants in Climate Action 100+, and six were members of NZAM, as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with ERB:^[8]

Governance and accountability[edit]

This section features information about the nine-member board of trustees that oversees the Educational Retirement Board of New Mexico (ERB). The board is specific to oversight of ERB and does not exercise oversight duties for other state funds.^[9]

Board selection method[edit]

The board of trustees that oversees ERB is made up of nine members. The board is composed of one member to be elected for a term of four years by members of the New Mexico Association of Educational Retirees; one member to be elected for a term of four years by the members of the National Education Association of New Mexico; the secretary of education or a qualified designee; the state treasurer or a qualified designee; one member to be elected for a term of four years by the New Mexico members of the American Association of University Professors; two members to be appointed by the governor for terms of four years each, with a background in finance or pension fund administration; one member to be elected for a term of four years by the members of the American federation of teachers New Mexico; and the secretary of higher education or a qualified designee.^[9][10]

Board of trustees membership[edit]

A nine-member board of trustees oversees the operation and administration of ERB. The following individuals served on the board as of May 2024:^[9]

• Russell Goff, chair
• Mary Lou Cameron, vice chair
• Larry Magid, secretary
• Max Baca
• Laura M. Montoya
• Antonio Ortiz, designee
• Stephanie M. Rodriguez, cabinet secretary
• Donald Duszynski
• Matías Fontenla

See also[edit]

• Public pensions in New Mexico
• Environmental, social, and corporate governance (ESG)
• Arguments about environmental, social, and corporate governance (ESG)
• Opposition to environmental, social, and corporate governance (ESG) investing
• Reform proposals related to environmental, social, and corporate governance (ESG)
• State legislative approaches opposing ESG investing
• State legislative approaches supporting ESG investing

External links[edit]

• Search Google News for this topic

Footnotes[edit]

v • e Environmental, social, and corporate governance (ESG) Index Index of articles about environmental, social, and corporate governance (ESG) Overviews ESG arguments‎ • Opposition to ESG • Reform proposals related to ESG • Federal ESG rules and regulations Legislation State legislative approaches opposing ESG investing • State legislative approaches supporting ESG investing • Enacted state ESG legislation by trifecta status, 2020-2024 Terms Environmental, social, and corporate governance • Socially responsible investing • Shareholder model of the corporation • Stakeholder model of the corporation (stakeholder capitalism) • Applied business ethics • Sustainability (ESG) • Materiality (ESG) Influencers R. Edward Freeman • BlackRock • Sustainability Accounting Standards Board (SASB) • As You Sow • Free Enterprise Project • Institutional Shareholder Services The Great Reset (World Economic Forum) • Stephen Soukup • Vivek Ramaswamy • Net Zero Asset Managers Initiative Public pensions State public pension plans Newsletter Economy and Society (weekly)