Bill > SB52

This bill, titled "Pera Cost-of-living Adjustments," proposes to change how cost-of-living adjustments (COLAs) are applied to pensions for certain retired public employees in New Mexico. Specifically, it repeals and reenacts a section of the Public Employees Retirement Act to ensure that COLAs for "qualified pension recipients"—which includes those who have been retired for a certain period or have reached a specific age, as well as survivor beneficiaries—will be directly tied to the COLAs determined by the federal Social Security Administration for Social Security and Supplemental Security Income. Starting in July 2027, these pension adjustments will be calculated by multiplying the current pension amount by the Social Security COLA percentage. The bill also allows qualified pension recipients to opt out of these increases with advance written notice. To fund these adjustments, the bill appropriates $50 million from the general fund to the Public Employees Retirement Association (PERA) for fiscal year 2027 and beyond, with any unspent funds not reverting to the general fund.

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=52&year=26