By David Archuleta, Executive Director

Senate Bill 20 (Laws 2023, Chapter 87) amended Section 22-11-47 of the Education Retirement Act to authorize employees of the Southeast New Mexico College to participate in the Alternative Retirement Plan. This bill also amended the Act to align with recent changes to Federal Law regarding Required Minimum Distributions age requirements. A similar bill, House Bill 189, was pocket vetoed.

House Bill 304 (Laws 2023, Chapter 156) allows members covered by the Public Employees Retirement Act, the Judicial Retirement Act, the Magistrate Retirement Act, and the Educational Retirement Act to name a supplemental needs trust as their beneficiary beginning June 16, 2023. Supplemental needs trusts allow qualified individuals to receive funds without jeopardizing their access to public assistance benefits, such as Medicaid.

Senate Bill 144 (Laws 2023, Chapter 34) provides ERB the authority to sell its Santa Fe headquarters building to the General Services Department (GSD) in preparation for construction of a new ERB headquarters facility. The “Capital Outlay bill”, House Bill 505 (Laws 2023, Chapter 199), provides GSD funding to purchase the building and provides ERB funding to construct the new facility.