|
RETIREMENT ISSUES
There has been extensive coverage in
the press in the last year about the "deficit" in the Educational Retirement Fund. The Educational Retirement Board (ERB)
has emphasized that there are ample funds to pay benefits for at least 25 years, but the decline in the stock market 2-3 years
ago hurt the fund.
Bills have been introduced in the NM Legislature by Sen. John Arthur Smith and Rep. John Heaton
calling for a series of increases in employer contributions over the next several years, changes in conditions of retirement,
and changes in the ERB.
Increases in employer contribution to the fund must be accompanied by adequate funding or they
will likely result in little or no compensation increase.
|