Albuquerque Journal (Albuquerque, NM)

Broker rule eliminated by PERA.

Byline: Morgan Lee Journal Staff Writer

SANTA FE A policy designed to reward local investment brokers has been rescinded by the pension fund for state, county and municipal employees.

Retired state worker and Public Employees Retirement Association board member Fabian Chavez lobbied in 2000 to eliminate the "local broker policy," observing that the financial success of the PERA fund shouldn't be compromised by local economic development goals.

Under the former policy, brokerage houses with offices in New Mexico were encouraged to share their trade commissions from the PERA with the local offices, regardless of where the trades were executed.

"Local brokers were getting commissions for doing nothing," Chavez said. …

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