The Associated Press
Created: March 02, 2020 04:05 PM
SANTA FE, N.M. (AP) — New Mexico's Democratic governor has signed sweeping pension fund reforms into law that affect more than 100,000 current and former state and local government workers.
The legislation increases employee and taxpayer contributions to a public pension fund that has more than $6 billion in unfunded liabilities.
Annual cost-of-living increases also will be tied to pension fund investment returns for the trust overseen by the Public Employees Retirement Association.
The governor has acknowledged that the changes require some sacrifice but that the legislation ensures the sacrifice is shared and that vulnerable groups are protected.
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