The Associated Press
Created: February 12, 2020 04:10 PM
SANTA FE, N.M.- The Senate has passed proposal to shore up New Mexico's overextended pension fund for about 115,000 state and local government workers.
Senators approved the measure Wednesday in a 25-15 vote with some moderate Democrats voting against the measure.
The bill responds to concerns about $6.6 billion in unfunded pension liabilities that are weighing down the credit rating of the state and its largest city and driving up borrowing costs.
Managers of the $16 billion fund overseen by the the Public Employees Retirement Association say an economic downturn could severely undermine the fund's long-term solvency and its ability to meet retirement obligations.
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