Bruce Malott, chairman of the New Mexico Educational Retirement Board, has resigned his spot on the Health Care Retiree Authority, effective June 2.

In his resignation letter, Malott said revenue outlooks at the retiree authority improved after key legislation was approved this session, and now is a good time to step aside.

"With the outlook thusly improved, I feel the time is appropriate to resign my position with the authority," he wrote in a letter dated June 1.

Malott cited two measures approved this session, one that increases employee and employer contributions to the fund and another that requires employees who return to work after retiring to contribute to the Health Care Authority.

Malott said in an interview that the decision was also about balancing his time.

"It's just about time commitments," he said.

In addition to chairing the ERB, Malott, a CPA, also serves on the state Board of Accountancy.

Richardson asked him to sit on the health care authority board in March 2008, Malott said.

Malott is among the defendants in a lawsuit known as Foy vs. Vanderbilt.

The lawsuit alleges Malott and state Investment Officer Gary Bland were instructed by longtime Richardson aide Dave Contarino to invest with Vanderbilt Financial and associated companies in exchange for political contributions from the firm's employees. The men have all denied wrongdoing.

Malott, a managing principal in Meyners and Co. LLC, said the lawsuit had nothing to do with his decision.

"They have a really great team in place," he said, referring to the remaining 12 members of the board.

Richardson's office said Monday that the governor has not decided on a replacement.

Contact Kate Nash at 986-3036 or knash@sfnewmexican.com. Read her blog at www.greenchilechatter.com.