SANTA FE, N.M. (AP) — New Mexico’s highest court wants more in[auth] formation from lawyers before deciding whether the state can reduce cost-of-living adjustments for pensions of retired government workers.
The Supreme Court on Tuesday asked for additional written legal briefs from the Educational Retirement Board and retired educators who sued to block reductions that took effect in July under a law enacted to improve the pension system’s long-term finances.
The court wants six questions addressed, including whether improving a pension system’s solvency is just compensation for a governmental “taking” of a cost-of-living adjustment. The briefs are due Sept. 24.
The justices held a hearing in the case last week, but didn’t issue a ruling.
Retirees contend they have a property right in their pensions and are entitled to inflationary adjustments promised under previous law.