PNM Resources Pension Fund

PNM Resources Pension Fund

The PNM Resources, Inc. Employee's Retirement Plan was sponsored by TXNM Energy (formerly PNM Resources, Inc.), the holding company whose primary operating subsidiary, Public Service Company of New Mexico, serves more than 500,000 residential and business customers across the state. The plan provided participants with a monthly retirement benefit calculated on years of credited service and compensation. It has since been frozen, meaning no new benefit accruals are being made, shifting the fund's posture from accumulation to run-off management. The plan's assets are held within the PNM Resources Master Trust, which pools retirement obligations across the corporate family including subsidiary Texas-New Mexico Power Company. Because the trust is run internally for a single sponsor, its investment strategy is not publicly reported in the manner of independent endowments or sovereign wealth funds. No publicly available Form 5500 or annual report has been surfaced disclosing the plan's asset allocation, external manager relationships, or total deployment. The parent company's regulatory proceedings — including the proposed acquisition of TXNM Energy noted May 2026 — remain the dominant public-facing narrative, overshadowing any investment disclosure. Rebecca Teague serves as Pension Executive and Plan Administrator for the Master Trust (per Altss research). Additional team size, investment committee composition, or external consultant relationships have not been disclosed. The plan sponsor also maintains the PNM | TNMP Foundation as a separate philanthropic vehicle, but there is no public evidence that pension assets are linked to foundation activities. This plan represents a utility-pension archetype: frozen, pooled in a single-sponsor master trust, and structurally opaque from the outside. Without a separate investment office or publicly identifiable CIO, standard allocator diligence paths — track record, manager roster, co-investment history — are unavailable, making the fund's operational architecture the only meaningful differentiator for outside observers.