Final Roundup Of 2021 Legislative Session ladailypost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ladailypost.com Daily Mail and Mail on Sunday newspapers.
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With an unfunded liability in the billions – again? still? – New Mexico’s teacher pension fund is in need of some serious structural changes.
The difference between Educational Retirement Board assets and current and future obligations was $9 billion as of July. To put that in perspective, the state’s total spending for the 2019-20 fiscal year was about $7 billion, so the ERB deficit is more than enough to run the entire state for a year.
Reforms enacted in 2019 weren’t expected to get the ERB to full funding for 46 years. Coupled with unfunded liabilities in the state’s other major pension fund, the Public Employees Retirement Association, the unfunded liabilities in the two have played a key role in downgrades to the state’s credit rating.
NM teacher pension fund director to step down abqjournal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from abqjournal.com Daily Mail and Mail on Sunday newspapers.
SB42 Requiring Employers To Pay More Into Retirement Fund For New Mexico Educators Passes Senate Committee
By DANIEL J. CHACÓN
SFNM News:
A bill that would require employers to pay more into the retirement fund for New Mexico educators passed the Senate Education Committee on a 5-3 party-line vote Wednesday.
Under Senate Bill 42, the employer contribution rate to the New Mexico Educational Retirement Board would go up by 1 percent a year for the next four years.
Senate President Pro Tem Mimi Stewart, D-Albuquerque, said the legislation would “go a long way towards the solvency” of the pension system, which covers all employees in K-12 schools, public colleges and universities.