SANTA FE, N.M. (AP) - New Mexico's pension program for educators plans to set aside $1.5 million to pay for legal expenses this year of its board members who have private lawyers defending them in lawsuits over failed investments.
However, the Educational Retirement Board's reimbursement proposal is coming under scrutiny by the Legislative Finance Committee, which plans to review it at a hearing on Friday. The $1.5 million will come out of pension funds.
The committee also is taking a look at the policies of the state's other investment agencies for indemnifying appointed members for legal expenses and damage claims brought against them for decisions while serving on a governing board.
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