Research / Publications
New Mexico Educational Retirement Board Benefit Analysis
New Mexico Public Employees Retirement Association (PERA) and New Mexico Educational Retirement Board (ERB) employers and these pension systems are important contributors to the local economy. State and Local Governments in New Mexico employed 150,000 workers and paid $7 billion in annual earnings in 2018 – 60% of these jobs were education workers, namely school districts and 2-year and 4-year colleges. In fiscal year 2019, the two retirement systems combined to pay $2.34 billion in pension benefits to 91,400 beneficiaries. Totaling active and retired members and the payments they received in 2018, payments exceeded $9.3 billion to 241,400 employees/retirement beneficiaries. ERB contracted BBER to assess the historical differences between ERB and PERA. This report seeks to illuminate key differences and key factors that contribute to differentials in employee contributions, active year earnings, and retirement benefits.
New Mexico Public Employees Retirement Association (PERA) and New Mexico Educational Retirement Board (ERB) employers and these pension systems are important contributors to the local economy. State and Local Governments in New Mexico employed 150,000 workers and paid $7 billion in annual earnings in 2018 – 60% of these jobs were education workers, namely school districts and 2-year and 4-year colleges. In fiscal year 2019, the two retirement systems combined to pay $2.34 billion in pension benefits to 91,400 beneficiaries. Totaling active and retired members and the payments they received in 2018, payments exceeded $9.3 billion to 241,400 employees/retirement beneficiaries.
ERB contracted BBER to assess the historical differences between ERB and PERA. This report seeks to illuminate key differences and key factors that contribute to differentials in employee contributions, active year earnings, and retirement benefits.
Categories
Communities