Employees of most public schools, including New Mexico Tech, Socorro Consolidated Schools, and Magdalena Schools might have wait until they put in 35 years of service before they can collect retirement benefits, if recommendations by the New Mexico Educational Retirement Board are approved by the state legislature.
According to a press release from the Retirement Board, the Legislature established a task force in 2009 to study New Mexico’s public retirement plans and prepare solvency plans and recommendations.
Recommendations were made public this week, which include raising the number of years a person is employed from 25 to 35 years, raising member contributions to 9.9 percent of salary, and reducing benefits by 2.4 percent if retirement is before age 60.
The changes would not apply to employees who are within three years of retirement under the current plan. The proposals can be viewed online at www.nmerb.org.
A final vote on the retirement plan will be taken by the Board on Dec. 17.
The NMERB will hold a public comment session on Wednesday, Dec. 15, at 4 p.m., at Central New Mexico Community College’s Smith Brasher Hall, located at 717 University Blvd. SE in Albuquerque. The session is open to the public.
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