NM Senate OKs legislative pension change

March 9, 2013 • State News

SANTA FE, N.M. (AP) — The Senate has approved a proposal that would allow former and current lawmakers to enroll in a state pension fund if they had failed to meet previous deadlines for joining the [auth] retirement system.

The measure cleared the Senate with almost no debate on Saturday on a 30-3 vote. It goes to the House for consideration.

Republican Leader Stuart Ingle of Portales said the measure would require current lawmakers to contribute $700 a year into their pension plan — an increase of $100. About $2.4 million in tax revenue flows into the legislative pension fund.

A law enacted last year raised legislator contributions to $600 from $500 annually.

Currently, legislators could receive a pension of nearly $10,200 if they retired after serving 10 years, according to the Public Employees Retirement Association.

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