Bill > HB40

This bill, titled "Temporary Erb Member Payment," proposes to amend the Educational Retirement Act to provide a temporary, additional payment to retired members. Specifically, for fiscal years 2027 and 2028, retired members receiving an annuity (which refers to any retirement, disability, or survivor benefit paid under the Educational Retirement Act or the Public Employees Retirement Reciprocity Act) will receive an annual, non-compounding payment. The amount of this additional payment will be calculated each fiscal year by taking the member's total annual annuity payments, including any prior cost-of-living adjustments, and multiplying it by two percent. The bill also includes an appropriation of $65,500,000 from the general fund to the educational retirement board to cover the costs of these temporary payments.

Education

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=40&year=26