Kick That Can!

Mimi Stewart

Capitol Report New Mexico - In the past few months, we’ve written about concerns over the state’s pension plans. Some say the state is ripe for a major financial crisis while others say the situation is not dire but needs to be addressed soon. So it’s depressing to see the the state legislature turn back an effort from a true-blue Democrat like Rep. Mimi Stewart (D-Albuquerque) to make adjustments ensuring the state’s Public Employees Retirement Association (PERA) and Educational Retirement Board (ERB) funds get on firmer financial footing.
Sunday night (March 13), Stewart’s House Bill 644 went down to defeat on a 38-28 vote on the House floor. Stewart’s bill called for increasing the age and time of service for PERA and ERB employees — but only for those who are not about to retire. It also called for a cost of living adjustment for PERA employees (again, only for non-vested workers who are not on the verge of retirement). Currently, PERA grants a 3 percent raise — pretty generous considering that inflation has been well below 3 percent for years now. Most of those voting against the bill were Democrats but 11 Republicans voted against the bill too. Read more here: News New Mexico

Kick That Can!