Bill > HJM2

This Joint Memorial requests a moratorium, or a temporary halt, on considering new legislation that would change retirement benefits for public employees in New Mexico, specifically those covered by the Public Employees Retirement Act (PERA). This request is in effect until December 31, 2020, unless there's a major economic crisis or the PERA funds reach a 100% funded ratio. The memorial emphasizes that reforms enacted in 2013 were necessary for the long-term financial health of the PERA funds, which provide retirement benefits to public workers, and that these reforms need time to demonstrate their positive impact. It urges legislative committees to postpone any proposals that could alter retirement options or benefits, as even small changes could jeopardize the goal of fully funding the system by 2043. The memorial also acknowledges the constitutional role of the PERA retirement board in managing the funds and the legislature's responsibility to ensure adequate funding for any benefit increases.