This bill amends Section 10-11-118 of the New Mexico Public Employees Retirement Act to provide a temporary, additional, non-compounding payment to retired members during fiscal years 2027 and 2028. Specifically, it establishes that a qualified pension recipient will receive an annual payment calculated by multiplying their total annual pension payments (including prior cost-of-living adjustments) by two percent. The bill also outlines the eligibility criteria for qualified pension recipients, which include normal retired members, disability retired members, and survivor beneficiaries, among others.

Additionally, the bill includes an appropriation of $70 million from the general fund to the public employees retirement association for the fiscal year 2027 and subsequent years to ensure adequate funding for these temporary payments. The language also clarifies that any unexpended balance at the end of a fiscal year will not revert to the general fund, allowing the funds to be used in future fiscal years as needed.

Statutes affected:
introduced version: 10-11-118