Generational Theft

Brigette Russell

Capitol Report New Mexico - Last week, Rep. Mimi Stewart (D-Albuquerque) wrote a piece in NM Politics.net arguing that the state’s pension plans need fixing. On most issues, Stewart and I come down on opposite sides, but in this case, I commend her for sounding the alarm. In the House Education Committee this past session, I got an earful about what ails the Educational Retirement Board (ERB), and pretty much the same thing is wrong with the Public Employees Retirement Association (PERA). In layman’s terms, they’re going bust. Last week, Capitol Report New Mexico ran this jaw-dropping story about a PERA loophole that could allow one person and his benificiary to receive $14.5 million in lifetime benefits. This is a loophole the state had better close soon, or the retirement system will go broke even faster than Mimi Stewart says it will. Carter Bundy of the American Federation of State County and Municipal Employees (AFSCME) was on News New Mexico last week (listen here) agreeing with Stewart that the system is insolvent, but taking issue with some of the specifics. He also took a couple of personal shots, suggesting that Stewart, a retired educator, may be concerned primarily about the solvency of her own retirement, and probably would not have supported the changes she now advocates back when they would have affected her. Read full column here: News New Mexico

Generational Theft