Bill > HB242

This bill temporarily increases cost-of-living adjustments for certain retired public employees in New Mexico for fiscal years 2027 and 2028, specifically providing a 1.68% increase to the pension benefits of qualified retired members who have reached the age of sixty-five before July 1 of the fiscal year in which the adjustment is made. A "qualified pension recipient" is defined as a retired member or survivor beneficiary who has been receiving benefits for a certain period, with specific criteria for normal retirees, disability retirees, and survivor beneficiaries. The bill also appropriates $10 million from the general fund to the Public Employees Retirement Association to cover these increased costs for the specified fiscal years, with any remaining funds not reverting to the general fund at the end of fiscal year 2028.

Military Affairs and Security

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=242&year=26