Military Summary
Effective July 1, 2009 purchase of Active Military service will be allowed after five years of active service. The cost will be the employee plus employer contribution rate in effect the year in which the member purchases the service multiplied by the five consecutive years average earnings in the years before the request to purchase service.
When purchasing any allowed service, Military or Allowed, the member must also make a contribution to the NM Retiree Healthcare Authority that is equal to the present value of benefits as determined by NMRHCA. read the brochure
Alternative Retirement Plan
The Alternative Retirement Plan is a defined contribution plan option for certain higher educational institution professional employees. This option has been available since 1991. House Bill 525, sponsored by Rep. Gail Chasey, allows more flexibility in investment payout, the ability to switch to ERB’s defined benefit retirement plan after 7 years, and increases the number of plan up to five different plan sponsors. The Alternative Retirement Plan brochure describes the option to switch.
read the information sheet
Four Steps to A Stress Free Retirement
If you are planning to
retire at the end of the school year, follow the steps below and you
will receive your first benefit on time. Remember, if you are a nine
month employee and you complete the school year, your retirement date
must be effective July 1st even though your last day of work may have
been in May.
Step One:
Sometime in mid-April you should contact your local
personnel or business office. They will provide you with an
“Application for Retirement”. You must complete Section I. This
includes the usual information: name, address, social security number,
etc. You may also request a calculation based on Option B or C. This is
only a request for information and is not your final selection.
Step Two:
Return the completed application to your personnel or
business office. Your employer must complete Section II. You must also
provide verification of your date or birth at this time. This
verification can be a copy of your birth certificate, baptismal
certificate, an application for life insurance that has been in force
for two or more years, United States Census Record or other evidence
that is accepted by the ERB.
Step Three:
Your employer will forward the completed application to
our office. The ERB will begin processing the July applications
sometime in mid-May. When the application is received and logged in,
the New Mexico Retiree Health Care Authority is automatically informed
of your planned retirement. They will mail you a retirement packet with
information on the various health plans available to you.
Step Four:
The ERB staff will review your application for
eligibility. A computation of benefit will be completed. Sometime in
June you will receive the following information:
- An information memorandum
- A final computation of your retirement benefit
- A final Selection of Benefit form; and
- A direct deposit authorization form
*You must return these forms before July 15th in order
to be placed on the July payroll. If you elect one of the optional
benefits, you must provide a verification of the date of birth of your
beneficiary.
You are encouraged to have your check electronically
deposited.
If you carefully read each document, correctly complete
the information requested and return the required forms by July 15th,
your first check will be mailed at the end of July and will continue to
be sent the last business day of each month. |
