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SB42 Requiring Employers To Pay More Into Retirement Fund For New Mexico Educators Passes Senate Committee


SB42 Requiring Employers To Pay More Into Retirement Fund For New Mexico Educators Passes Senate Committee
By DANIEL J. CHACÓN
SFNM News:
A bill that would require employers to pay more into the retirement fund for New Mexico educators passed the Senate Education Committee on a 5-3 party-line vote Wednesday.
Under Senate Bill 42, the employer contribution rate to the New Mexico Educational Retirement Board would go up by 1 percent a year for the next four years.
Senate President Pro Tem Mimi Stewart, D-Albuquerque, said the legislation would “go a long way towards the solvency” of the pension system, which covers all employees in K-12 schools, public colleges and universities. ....

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