Bill

Bill > HB96


NM HB96

Pera Member Temporary Payment


summary

Introduced
01/21/2025
In Committee
02/03/2025
Crossed Over
Passed
Dead
03/22/2025

Introduced Session

2025 Regular Session

Bill Summary

AN ACT RELATING TO PUBLIC EMPLOYEE PENSIONS; PROVIDING A TEMPORARY, ADDITIONAL, NON-COMPOUNDING PAYMENT TO RETIRED MEMBERS UNDER THE PUBLIC EMPLOYEES RETIREMENT ACT; MAKING AN APPROPRIATION.

AI Summary

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.

Committee Categories

Military Affairs and Security

Sponsors (3)

Last Action

HLVMC: Reported by committee with Do Pass recommendation (on 02/03/2025)

bill text


bill summary

Loading...

bill summary

Loading...
Loading...