Dear Educational Retirement Act Plan Participants,
As always, I hope this message finds you well and delightfully prepared for the upcoming holiday season.
For some, the season marks a time when our members begin preparing for or moving into the retirement stage of their careers. If you fall into one of these two categories, I would like to encourage you to register for an account under our Member Self Service Portal where you can review your pension earnings and contributions, benefit estimates and print copies of your annual statements. For more information, please visit our website and click on the MyNMERB Tutorial link.
As the 2023 legislative session approaches, the Educational Retirement Board is preparing to seek changes to the Procurement Code and Educational Retirement Act (ERA). The first change proposes to add ERB’s pension administration system to the list of exemptions that would allow ERB to avoid initiating the procurement process after a customized information technology system is developed around our current laws, rules, and business practices. Proposed changes to the ERA include adding the Southeast College to the list of eligible employer groups who are allowed to participate in the Alternative Retirement Plan. Lastly, ERB is proposing to align the language included in the ERA with Internal Revenue Services Code requirements related to a persons required minimum distribution age. None of the changes will have a fiscal impact on the agency or the state’s finances.
As a reminder, there are a number of return-to-work opportunities for people wanting to help fill vacant roles across the state, all of which require prior approval from ERB before work commences. Failure to submit a return-to-work application and receive approval prior to actually commencing work with an employer in the ERB system will result in the suspension of your pension benefits and the requirement that ERB collect all pension payments made to you during the period of ineligibility.
If you have questions, concerns or need to verify your return-to-work status or eligibility, please contact our office by dialing 1-866-691-2345.
I hope your holiday season is filled with joy, good health and many blessings.
Until the Spring Message, stay safe.