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Posted November 30, 2011

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Education Retirement Board Adopts Changes to Retirement Benefits

Proposal reduces cost of living adjustment, requires a minimum retirement age of 55 for those who aren’t eligible to retire within 10 years

The New Mexico Educational Retirement Board on Nov. 21 adopted a proposal to reduce the Cost of Living Adjustment (COLA) by 12.5 percent for all current and future retirees.

“The proposal is consistent with the Board’s goal of improving the retirement plan’s funding ratio to 80 percent by 2030 and 95 percent by 2040 and ensuring its long term sustainability,” ERB Chair Mary Lou Cameron said.

The proposal also includes a minimum retirement age of 55 for members who would not be eligible to retire within 10 years of the proposal’s adoption. The grandfather provision protects all members who meet any of the current retirement eligibility requirements either before or during the ten-year period.

The ERB Board and its staff will present the proposal to the legislature’s Investment and Pension Oversight Committee on Friday, Dec. 2, in Santa Fe. The ERB administers retirement benefits for all the public educational employees in New Mexico. As of June 30, 2011, ERB has 35,457 retirees and 61,679 active members.

For more information, contact Jan Goodwin, ERB Executive Director, at (505) 827-8030 or visit www.nmerb.org.

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