HM 1 STUDY PENSION BENEFIT STRUCTURES

Rep Joy Garratt

Actions: HPREF [2] HLVMC-HLVMC [3] DP-T

Scheduled: Not Scheduled

 House Memorial 1 (HM 1) relates to varying retirement benefits for members of two state employee retirement systems. 

 The memorial seeks a study to determine how to equalize the pension benefit structures of the Educational Retirement Board (ERB) and the Public Employees Retirement Association (PERA), asking the Legislative Finance Committee (LFC) to carry out the study, along with the interim legislative committee that studies investments and pensions and with the University of New Mexico Bureau of Business and Economic Research.

HM 1 provides background on the two pension systems, indicating that because each administers its own computations of pension benefits and related issues, benefits are inequitable for members of the ERB in comparison with those retirees covered by the PERA.
Study results are to be reported before the 2025 legislative session. Copies of the memorial are to be sent to the director of the Legislative Council Service, director of the LFC, director of the Bureau of Business and Economic Research and executive directors of the two retirement systems.
 

 HM 1 is a duplicate of SM 4.