SANTA FE, N.M. (AP) — The Senate approved a proposal Thursday to revamp benefits and eligibility of a pension system for nearly 90,000 state and local government workers and retirees in New Mexico.
Supporters said the changes were necessary to improve the long-term solvency of the Public Employees Retirement Association, which has a $6 billion gap between its assets and the cost of future retirement benefits.
If enacted, the proposal would reduce annual cost-of-living adjustments for pension benefits. It would impose new retirement provisions on employees hired on or after July 1, 2013, including requiring them to work longer before collecting pension benefits.
The bill passed the Senate on a 38-4 vote and goes to the House Login to read more