By David Archuleta, Executive Director
Dear Educational Retirement Act Plan Participants,
THANK YOU. As the holiday season approaches, I would like to start this message by expressing my sincerest appreciation and gratitude to the widespread educational community who work tirelessly to educate our children and make New Mexico a better place to live. Speaking from personal experience, the last 10 years have provided me with a brief insight to challenges experienced by the educational community and recognize that their efforts are nothing less than extraordinary. In addition to making sure our children feel welcomed and supported, we as parents relinquish responsibility for their safety and set high expectations for their care before, during and after school. I have also paid witness to the countless voluntary hours it requires principals, teachers, janitors and willing parents to coordinate, plan and execute after school events including concerts, holiday celebrations, graduations, and sporting events. On behalf of the Educational Retirement Board and its employees, thank you from the bottom of our hearts.
Funding. We’re happy to share good news about your pension plan’s financial health. As of June 30, 2024, the plan is looking much better than it did in the past. The plan’s goal was to be fully funded by 2049, but based on current projections, it looks like we’ll reach that goal three years earlier, in 2046. This is great news! The plan’s assets have increased, and its overall financial position has improved. However, it’s important to remember that future performance will depend on various factors, such as investment returns, the number of people retiring, and the amount of benefits paid out.
Building. Progress on the construction of ERB’s new office building continues to move quicky as we expect a certificate of occupancy to be issued on April 10, 2025. The 19,000 sq ft structure will support the consolidation of owned and lease office space in Santa Fe and support the dedication of resources under one roof. The new office building will be located at 5211 Las Soleras Drive on the south side of Santa Fe.
Session. Back in October, ERB received endorsement from the interim Investments and Pensions Oversight Committee of its 2025 legislative priorities. These priorities include certain technical changes needed to strengthen the Educational Retirement Act and provide clarity regarding the receipt of gifts, unclaimed property, cost-of-living adjustments eligibility, defining contributory employment, timeline for purchasing service credit and allowing for the exchange of information between the Educational Retirement Board and the Public Employees Retirement Association for the members who have earned service credit with both organizations.I hope your holiday season is filled with joy, good health and many blessings. Until the Spring Message, stay safe.
David Archuleta