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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.

New mexicoUnited statesRio ranchoCraig brandtGay kernanMimi stewartMexico council of university presidentsMexico association of educational retireesAmerican federation of teachers new mexicoPublic employees retirement associationSenate education committeeSenate billNew mexico educational retirement boardPresident pro tem mimi stewartEducational retirement boardR rio rancho