New Mexico pension reforms would increase contributions

SANTA FE, N.M. (AP) — Legislators held their first open discussion Wednesday of suggested pension reforms to address a roughly $6 billion unfunded liability at the New Mexico retirement plan for state and local government employees.

A pension solvency task force appointed by Gov. Michelle Lujan Grisham has suggested a combined 4% increase in pension contributions, with the increased costs divided evenly between state government and employees.

Annual cost of living adjustments would shift to a profit-sharing model that links annual pension payout increases to the investment returns at the $15.8 billion pension fund overseen by the Public Employees Retirement Association.

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