NM Educators Retirement in Deep Water

KOAT - The state retirement fund for teachers, staff and administrators is in jeopardy, one trustee of the Education Retirement Board said. The trustee said a recent report showed that the fund could run out of assets by 2022.

Target 7's Lauren Zakalik talked to about the need to fix the situation. Zakalik said the estimates in the report are based on how the fund has been performing during the past 10 years. The trustee told Zakalik that if nothing changes, taxpayers could be responsible for billions of dollars that would be owed to retired educators.

To keep that from happening, education employees may face some changes. Albuquerque Teachers Union President Ellen Bernstein agrees that things look dire, so she, along with dozens of educators and some ERB members, have come up with a plan. Among the changes would be raising the retirement age of new employees to 55; raising the cost of living adjustment age to 67 for all new employees and increasing employment contributions to the retirement plan as the state contribution goes up, too. Read full story here: News New Mexico

NM Educators Retirement in Deep Water