SANTA FE, N.M. (AP) — The Educational Retirement Board has withdrawn its plans for raises for top executives overseeing New Mexico's pension system for teachers and other educators.

The Albuquerque Journal reports two of the raises would have exceeded 40 percent.

Gov. Susana Martinez's administration refused to carry out the raises.

Educational Retirement Board Executive Director Jan Goodwin told state lawmakers Wednesday that her board has accepted the denial and is no longer pursuing the raises. She was one of four staffers in line for the increases, ranging from 9 percent to 49 percent.

Under the proposed raises, Goodwin's pay would have increased 46 percent, to $240,000 a year. The deputy director would have received a 49 percent pay increase, to $179,000.

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Information from: Albuquerque Journal, http://www.abqjournal.com