Board Membership

The mission of the Board of the Public Employees Retirement Association of NM is to preserve, protect, and administer the trust to meet its current and future obligations and provide quality services to Association members.

Claudia Armijo

Claudia Armijo

Chair, State Member, State Treasurer's Office

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Diana Rosales-Ortiz

Diana Rosales-Ortiz

Vice Chair, State Member, Attorney General's Office

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Valerie Barela

Municipal Member, City of Albuquerque

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Lawrence L. Davis

Lawrence L. Davis

Municipal Member, City of Albuquerque

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City of Albuquerque
Office of Internal Audit
Albuquerque, NM 87102
Phone: (505) 310-8457

Lawrence is a native New Mexican and has been an active PERA member since 2006. He currently lives in Albuquerque and works as the City of Albuquerque’s Budget Director. Lawrence loves spending time with family and friends, especially his beautiful wife and two amazing boys.

Lawrence has a diverse background from both private and public sectors, which includes financial management experience with multi-billion dollar corporate expense accounts and public pension fund accounting experience with the New Mexico Educational Retirement Board’s $11 billion retirement fund.

Lawrence received his BBA and MBA from the University of New Mexico – Robert O. Anderson School of Management with concentrations in accounting and finance, respectively. Lawrence previously worked for the Program Evaluation (Audit) unit of the New Mexico Legislative Finance Committee.

As a board member, Lawrence will preserve, protect, and administer the trust in a financially prudent manner. He will also use his work experience and education to promote a culture of efficiency and accountability. Working with PERA’s board and staff, Lawrence intends to propose innovative solutions for PERA’s complex administrative and solvency challenges.

Tim Eichenberg

Tim Eichenberg

Ex-Officio Member, NM State Treasurer

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New Mexico State Treasurer's Office
P.O. Box 5135, Santa Fe, NM 87502-5135
2055 South Pacheco St., Suites 100-200, Santa Fe, NM 87505
Phone: (505) 955-1120
Fax: (505) 955-1180
Contact: Julie Filatoff - (505) 955-1131

Tim Eichenberg assumed office on January 1, 2015, becoming the 29th State Treasurer of New Mexico. Raised in Albuquerque, NM he attended Albuquerque Public Schools and graduated from the University of New Mexico. Eichenberg and his wife reside in Albuquerque and have two adult children and two dogs.

Eichenberg's career in public service began in 1974, when he was elected Bernalillo County Treasurer. After serving two terms as Bernalillo County Treasurer, Eichenberg went to work in the private sector. He operated a small business in Albuquerque for over 30 years as a Property Tax Consultant, State Certified Appraiser, General Contractor (GB-98) and as a Real Estate Broker.

In 1994, Eichenberg was elected to the Albuquerque Metropolitan Arroyo Flood Control Authority Board, a position he still holds today. In 2004, Eichenberg was appointed by Governor Richardson to the position of New Mexico State Property Tax Director.

In 2008, Eichenberg was elected to the New Mexico State Senate. During his tenure, Eichenberg served on the Public Affairs and Judiciary committees; and served as Chair of the Restructuring Committee and as Chair of the Revenue Stabilization and Tax Policy Committee. In 2010, Eichenberg carried the Governmental Conduct Act, establishing a code of ethics for all government employees.

Paula Fisher

Paula Fisher

State Member, Children, Youth & Families Department

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Children, Youth and Families, Juvenile Justice Services
4000 Edith Blvd. NE
Albuquerque, NM 87107
Phone: (505) 841-2400


Paula began her career with CYFD Juvenile Justice Services in 1994. She has been a public servant in various positions, and is currently a Juvenile Correctional Officer Lead worker. Paula strives to make a positive impact with the “at risk” youth she works with in an Albuquerque juvenile facility. She attended Central New Mexico Community College majoring in Criminal Justice, and received a diploma in Accounting from the International Business College.

She first served on the PERA Board from January 2013 – December 2016. During her tenure, her highlights were the passage of Senate Bill 27 in the House and Senate, which she lobbied in the legislature; the demand and recovery of $50 million of member’s money from the Wachovia Bank settlement, and holding money managers accountable. Paula has been an advocate for Board Governance and Pension Solvency. She has Certificates of Achievement in Public Plan Policy, and International Foundation of Benefit Plan.

Paula was elected to the PERA Board in September 2019, and is currently serving her second term. She is committed to protecting our defined benefit plan, and has been a dedicated Trustee. She will always protect the PERA fund with utmost integrity and experience you deserve!

Loretta Naranjo-Lopez

Loretta Naranjo-Lopez

Retiree Member

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1127 Walter, NE
Albuquerque, NM 87102
Cell: (505) 270-7716

Loretta Naranjo-Lopez is a Native New Mexican. She represents about 48,000 retirees and all 90,000 members.

Member Lopez has served on the NMPERA Board since 2005. Her contributions to the board over the last 16 years have saved NMPERA and taxpayers billions of dollars.

Currently, Member Lopez focuses on closing NMPERA's $6 billion funding gap by improving investment results. She brings investment knowledge and experience. She also brings access to world-class investors and advisors.

Member Lopez formed ARCH + PLAN Land Use Consultants, LLC and brings 25 years of relevant experience. She has a Master of Community and Regional Planning and a Bachelor of Business Administration from the University of New Mexico.

Stephen J. Neel

Stephen J. Neel

State Member, New Mexico Educational Retirement Board

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New Mexico Educational Retirement Board
8500 Menaul Blvd NE, Suite B-450
Albuquerque, NM 87112
Phone: (505) 841-2009


Francis Page

Francis Page

Retiree Member

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Francis Page was born and raised in Albuquerque, New Mexico, but his family originated from the Santa Rosa area. He is married to Josephine and has one daughter, Jaclyn. A graduate of The University of New Mexico with a bachelor’s degree in Financial Management and earned a master’s degree from the New Mexico Highland University in Public Affairs/Administration. He also holds a certification as a Certified Fraud Examiner – CFE (Retired) and a license as an Associate Real Estate Broker. Francis spend 8½ years with the United States Army/Army Reserve as an E-4 Specialist in the positions of Accounting, Finance, Administration and Nuclear, Biological & Chemical Specialist.

Francis retired from the State of New Mexico. He held positions with the Corrections Department as the Budget Bureau Chief, Gaming Control Board (Senior Auditor), Regulation and Licensing Department - Financial Institutions Division (Senior Examiner) and Highway & Transportation Department (Senior Technician). In addition, he was a Finance/Budget Contractor for the Office of Superintendent of Insurance. During his tenure with the Corrections Department, he held the NMPERA - State Board Position. Currently, he is a Volunteer Tax Preparer for the AARP Foundation and is a New Mexico Board Member with the Selective Service System.

Francis’ interests are politics and ancestry research. He has found that he is the 5th great grandson of Governors Thomas Nelson Jr. and John Page of Virginia. Both men are considered founding fathers and Nelson was a signer of the Declaration of Independence. Also, he is a direct descendant of King Louis the XVI of France.

Shirley M. Ragin

Shirley M. Ragin

County Member, Bernalillo County

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County Of Bernalillo
Deputy County Manager of Finance Division
Albuquerque, NM 87102
Phone: 505-249-6469

Shirley, a Certified Management Accountant, started at Bernalillo County in 2012 as the Budget and Business Improvement Department Director, and was appointed to her current position as Deputy County Manager for Finance in 2014. She serves on the County’s Investment Committee and represents the County on NMC’s Multiline Insurance Pool Board.

She retired from PNM after thirty-two years of service in various leadership positions in accounting, budget and internal audit. She has a BS in Business Administration in Accounting from the University of Albuquerque and Master’s in Public Administration with a certificate in Budgeting and Financial Management from UNM.

She understands the importance of solvency for the PERA trust and its impact on the futures of its members. She plans to use her expertise to bring forth ideas based on facts and competing priorities, and to collaborate on making the best decisions for the plan and the members it serves.

Roberto Ramirez

Roberto Ramirez

Municipal Member, Albuquerque Bernalillo County Water Authority

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Maggie Toulouse Oliver

Maggie Toulouse Oliver

Ex-Officio Member, NM Secretary of State

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Secretary of State
325 Don Gaspar, Suite 300
Santa Fe, NM 87501
Phone: (505) 827-3600

Secretary of State Maggie Toulouse Oliver has spent her career as a public official working for greater transparency and ethics in government, fair and efficient elections, and increased voter access.

First elected in 2016, Secretary of State Toulouse Oliver is focused on providing increased transparency in financial disclosure and campaign finance reporting, modernizing the online campaign finance system, encouraging New Mexicans to get registered and vote, and advocating for good government and stronger ethics legislation.

A lifelong New Mexico resident, Secretary of State Toulouse Oliver previously served as Bernalillo County Clerk from 2007 to 2016. She attended Albuquerque Public Schools and earned both her BA and MA in Political Science from the University of New Mexico. Currently living in Santa Fe, the Secretary of State is the proud mother of two sons.