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NMERB Solvency Update

Lately you may have heard in news that the state’s various retirement funds are in jeopardy and that downturns in the stock market puts those funds at risk.  The truth, however, is very different and you should be reassured that despite a turbulent economy, your retirement continues to be secure.

The NMERB, like many other public and private pension plans, is not currently 100% funded.  However, the Governor and the legislature addressed this issue in the 2005 legislative session by increasing the employee contribution over a four-year period and employer contributions over a seven-year period.  This increase in contribution will go a long way toward 100% funding.  In fact, current estimates show that, with the higher levels of contributions, ERB will be fully funded in 17 years.

A message from  Executive Director Jan Goodwin

It is the New Mexico Educational Retirement Board’s responsibility to be ever vigilant, proactively addressing market and economic trends, inadequate contribution levels, or other issues that may impact the fund in the future.  As with any financial organization, we face important challenges as we ensure the long-term stability of the fund.  We want to assure you that your retirement is secure and that the fund will continue to provide retirement benefits for all of our members for many, many years to come.

 

Funding of pension plans is a long-term process.  At the beginning of a pension system, contributions from members and employers are collected and invested, and grow as time passes. However, older members who are covered when the pension system is created will retire long before their contributions plus interest are sufficient to pay for their retirement.  Even today, almost 50 years after the ERA was established, members will receive everything they have paid into the fund in contributions back in benefits during their first three years of retirement.  Continuing retirement payments are assured by money earned from investing the funds and contributions paid by younger members and their employers.  The ERA is an inter-generational system and it is important that our members and legislators who advocate on our behalf keep this in mind.

 

The Board and staff of the New Mexico Educational Retirement Board are committed to securing your future, and we look forward to continuing our work with the legislature and Governor to ensure the ongoing financial strength of the fund that members like you have earned the right to rely upon.

If you should have any questions or concern, please do not hesitate to contact Jeff Riggs, Deputy Director at (505) 827-8030.

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How are we doing?

Our Member Satisfaction Survey is in. Read here about our member's experiences with NMERB.

Read NMERB-Member Features

  • ERB currently has three job openings, to view them click here
  • 2008 Cost of Living Adjustments (COLA) for Retiree's has been posted - click here
  • The ERB Interest Rate Policy has been posted - click here

Our Retired Members

Of ERB’s 28,000 plus retirees 24,000 live in New Mexico. We have compiled the membership as of March, 2007 and list them by both city and county. Our retirees are spread over 347 cities and towns in New Mexico. As you might imagine, retirees tend to stay where they have lived most of their lives. The largest cities have the largest number of retirees as well. While we have not researched how often educational retirees leave the place from which they have retired, it appears that most choose to remain where they are.

For a complete list of member numbers by city click here.

ERB Benefit Calculator

Find out today what your retirement will be go

NEWS BRIEFS

Direct Deposit for
All Pension Checks
Required by Jan. 1, 2007
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View all direct deposit dates for 2008

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QUESTION OF THE MONTH

Q: Can I contribute more to my retirement so I can retire sooner?

A: Contributions to your ERB retirement are condition of employment for anyone working at more than .25 of a full time equivalent for their job. Contributions for the 2007-2008 school year are 7.75% of your salary. You cannot contribute more or less than the amount determined by state law.

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Contact || Handbook

New Mexico Educational Retirement Board (NMERB)
Managing the Retirement Assets of New Mexico's Educators
Santa Fe 505.827.8030
Albuquerque 505. 888.1560
Las Cruces 575.647.3313

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