Bill > HB454

This bill amends the Educational Retirement Act to provide a temporary additional payment to retired educational employees during fiscal years 2026 and 2027. Specifically, retired members receiving an annuity will get an annual, non-compounding additional payment calculated as 2% of their total annual annuity payments (including prior cost-of-living adjustments). The bill also includes an appropriation of $60 million from the general fund to the educational retirement board to cover the cost of these additional payments. This means that retired educators will receive a small supplemental payment on top of their regular retirement benefits for two fiscal years, which could help offset rising living costs. The appropriation ensures that the educational retirement board has dedicated funding to implement these temporary additional payments without impacting other parts of their budget.

Education

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=454&year=25