Temporary Erb Member Payment

Where it is in the process

Plain-English Summary

This bill provides a temporary, additional payment to retired members under the Educational Retirement Act in New Mexico. During fiscal years 2027 and 2028, eligible retirees will receive an annual, non-compounding payment equal to two percent of their annual annuity payments. The bill also appropriates $65.5 million from the general fund to the educational retirement board to cover the cost of these payments.

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