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ALBUQUERQUE, N.M. (AP) — New Mexico's retirement program for teachers and college faculty proposes to improve its long-term finances by establishing a minimum retirement age of 55 for educators and limiting cost-of-living increases for retirees.
The Educational Retirement Board voted Monday to recommend the proposals to the Legislature, which has to change state law to implement any pension revisions.
The retirement program covers 97,000 current workers and retirees.
Most educators can retire with full benefits at any age after working at least 25 years, although that has increased to 30 years for those hired starting in July 2010. The proposed minimum retirement age would not apply to workers within 10 years of retirement.
The board proposed lowering cost-of-living adjustments for current and future retirees, providing 87.5 percent of what current law grants annually.