SANTA FE, N.M. (AP) — Taxpayers and public employees would pay an extra $45 million annually under a proposal to improve the finances of a program providing subsidized health care for retired state and local government workers.
The Retiree Health Care Authority executive director Mark Tyndall said Monday the Legislature will be asked to phase in the increases in payroll contributions over three years starting in mid-2016. Lawmakers convene in January.
A government worker or educator earning $40,000 annually would pay an extra $150 a year if the proposed 0.375 percent payroll contribution rate increase is enacted. Governmental employers — meaning taxpayers ultimately — would pay an additional $300 annually for that worker.
About 55,000 retired public employees and their families receive health care through the Login to read more