Santa Fe New Mexican - The New Mexico House shifted the dollars-and-cents debate to the Senate on Monday when it passed the final piece of legislation in a package of state budget-related bills. By a vote of 42 to 28, the House passed HB 628, a revenue bill needed to help balance a proposed $5.4 billion state budget approved by the House last week. The legislation would require state workers and public-school teachers to contribute more into their retirement systems — 3.25 percent more, to be exact.
The savings to the state, if the measure passes, is estimated at around $100 million for the year that starts July 1. The amount the state must pay into the retirement systems would decrease by the same amount produced by the increased employee contributions. With that legislation out of the House, the battles over the state budget proposal that have bottled up the chamber for weeks will now swirl around Read full story here: News New Mexico
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