SANTA FE, N.M. (AP) — A proposal to shore up a pension system for New Mexico’s judges has cleared the House.
The measure was approved 64-1 on Thursday and goes to the Senate for consideration.
[auth] Under the legislation, judges would contribute a larger share of their salaries to the retirement system. Government employers also would pay more into the pension program.
Currently, the projected cost of future retirement benefits for judges is nearly $64 million greater than the pension fund’s assets.
It’s estimated the pension fund will be fully funded in 30 years if the proposed changes are enacted.
Court docket fees would continue to help finance the pension plan. Gov. Susana Martinez vetoed a judicial pension overhaul last year because she said it relied too much on increased taxpayer spending.