By David Archuleta, Executive Director
First, I am excited to share news regarding our investment performance through the period ending June 30, 2024. Our Trust Fund balance reached a new high of $17.1 billion supported by an 8.64% one-year return, which exceeded our actuarial target return of 7%. In fact, the Trust Fund has surpassed the actuarial target in most periods, consistently performing in the top 10% in the peer group on a risk-adjusted basis.
Second, we are making good progress on the construction of a new office facility and it is expected to be at substantial completion by January 2025, with a move in date sometime in the spring. The new building will allow for the consolidation of resources, a reduction in leased office space, at an easily accessible location for members traveling to Santa Fe. An official opening will be announced after a certificate of occupancy is issued for the project.
Also, I am pleased to share that Dr. Reilly White has been appointed to the Educational Retirement Board to represent the American Association of University Professors. Dr. White is the Associate Dean of Teaching and Learning and a tenured Associate Professor of Finance at the University of New Mexico Anderson School of Management. Dr. White is also Director for the $5.2 million student-run UNM Regent’s Portfolio and leads a series of financial literacy projects in the community. Prior to his career in academia, Dr. White worked as an analyst of a large Boston-based bank, where he learned a great deal about company analysis, funding and maintaining ethical corporate leadership. Dr. White was appointed to succeed Dr. Don Duszinsky, who served on the Board of Trustees for eight years.
Seated: Russell Goff; Standing from left: State Treasurer Laura M. Montoya, Dr. Duszinsky, Governor Appointee Max Baca, Secretary Larry Magid, and American Federation of Teachers New Mexico Representative Matías Fontenla.
Lastly, I would like to remind our retirees who might be considering a return-to-work opportunity, to submit a Return-to-Work application and obtain approval from ERB prior to resuming employment. ERB approval of return-to-work arrangements is required by law and intended to safeguard the program against infractions that may result in IRS penalties or jeopardize our tax-exempt status.
As always, your contributions to the educational system in New Mexico and beyond are greatly appreciated.
Sincerely,
David Archuleta