A proposal to improve the long-term finances of a
pension plan for state and local government workers has cleared the Legislature
and heads to Republican Gov. Susana Martinez.
The legislation would
change benefits offered by the Public Employees Retirement Association, which
has a $6 billion gap between its assets and the cost of future retirement
benefits.
The pension system covers nearly 90,000 state and local government
workers and retirees. If signed into law by the governor, the legislation would
lower yearly cost-of-living adjustments for pension benefits.
The measure also
would establish new retirement eligibility and benefits for employees hired
after July 1.
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