Bill > HB96

This bill modifies the Public Employees Retirement Act (PERA) to provide a temporary, additional non-compounding payment to qualified pension recipients during fiscal years 2026 and 2027. The additional payment will be calculated by multiplying the recipient's annual pension payments by two percent, which applies to retired members who meet specific eligibility criteria, such as being retired for at least two full calendar years or being over 65 years old and retired for at least one full calendar year. The bill also includes an appropriation of $66 million from the general fund to the Public Employees Retirement Association to cover the cost of these payments, with any unused funds allowed to carry over to subsequent fiscal years. The legislation maintains existing provisions for cost-of-living adjustments based on the retirement fund's financial performance, including considerations like the funded ratio and investment returns, and continues to allow pension recipients the option to decline increases to their pension benefits.

Military Affairs and Security

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=96&year=25