PERA considering cuts to state pension benefits
Posted at: 06/21/2012 11:58 AM
By: The Associated Press
SANTA FE, N.M. (AP) - The Public Employees Retirement Association of New Mexico is considering making cuts in future retirement benefits for more than 54,000 government workers.
The Albuquerque Journal reports PERA officials are considering the proposal because of growing concerns about the pension fund's solvency.
Possible reductions include altering the formula that determines the starting amount of a retiree's pension benefits and lowering the annual cost-of-living adjustment.
PERA board members will hear the recommendations Thursday at a meeting in Alamogordo and vote on the matter the following day.
PERA Executive Director Wayne Propst says the plan still needs to go before a legislative committee.
Officials say the average annual pension for PERA retirees is about $28,385.
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