Editor,
The NMERB has posted its proposal for changes concerning retirement eligibility rules.
It incorporates New Mexico educational system employees’ suggestions.
These suggestions will be voted on this Friday at 9 a.m. at the APS John Milne Conference Community Board Room at 6400 Uptown Blvd. N.E.
The meeting is open to the public, and all affected parties are encouraged to attend the meeting. Anyone who is working for a higher education or K-12 institution and contributing to the NMERB is affected.
Proposal 6B retains our current retirement eligibility rules, increases our member contributions, possibly changes the final average salary calculation from five to seven years, and increases the years of service before being vested into the retirement system from five to seven years.
This is the least damaging proposal, as it does not require additional years of service or a minimum retirement age.
Proposal 4 is a slightly watered-down version of the original recommendation that upset everyone. It increases our member contribution, changes the final average salary calculation from five to seven years, increases the years of service before being vested in the retirement system from five to seven years. But it also:
Increases years of service to 30 years, with a benefit reduction under 60 (right now there is no benefit reduction if you have 25 years of service).
If you have 35 years of service, there is no benefit reduction at any age.
Age Service requirement: The board hasn’t spelled out this out, but it is looking to add five more years to the Rule of 80 requirement (if you are Tier I).
Age 5 years service: The board is adding two more years, so instead the requisite age of 65 with five years of service, it will change to age 67.
The board is proposing grandfathering in more employees, but didn’t say how many.
Johann Sebastian Bach
Community member
Get content from The Daily Lobo delivered to your inbox
