New Mexico’s teacher pension fund would benefit from stepped-up taxpayer-funded contributions under a bill that won Senate approval Thursday.
Senators voted 36-6 to pass the measure, Senate Bill 42, which would also extend for two more years a program for retired educators who return to the classroom.
Specifically, the bill would increase the taxpayer-funded employer contribution rate paid into the pension fund by 1 percentage point over each of the next four years – taking the rate from 14.15% to 18.15% by the 2025 budget year. Employee contribution rates into the fund would not change.
Author(s): DAN BOYD / JOURNAL CAPITOL BUREAU CHIEF
Publication Date: 25 February 2021
Publication Site: Albuquerque Journal