Santa Fe, NM, 01-27-2022
Updated 02-15-2022
Senate Bill 36 (SB 36), AN ACT RELATING TO EDUCATIONAL RETIREMENT; INCREASING CERTAIN CONTRIBUTIONS TO THE EDUCATIONAL RETIREMENT FUND, sponsored by Senator Mimi Stewart. SB 36 passed the House of Representatives with 52 voting in support and only 12 in opposition. The bill is now on its way to the Governor.
SB 36 increases employer contributions to the Educational Retirement fund and decreases the funding period while improving the sustainability of the fund.
ERB Executive Director David Archuleta expressed gratitude to the committee in the following remarks: “We just want to express our sincerest appreciation and gratitude to the good senator for bringing forward this legislation that goes a long way to improving the sustainability of our trust fund, a goal that’s been set by the board for many years now.”
The educational retirement pension plan provides retirement benefit services to over 160,000 members ranging from public school teachers, administrators, and staff to college faculty and staff who work for 216 educational employers.