By David Archuleta, Executive Director
Legislative Updates and ERB Developments
This legislative session saw significant changes to the Educational Retirement Act (ERA). Senate Bill 75 (Laws 2025, Chapter 6), sponsored by Senator Natalie Figueroa, implemented several technical corrections requested by the Educational Retirement Board (ERB). These changes include:
- Clarification of Unclaimed Contributions: Ensuring unclaimed member contributions remain within the trust fund.
- Definition of Vesting Period: Defining five years of contributory employment as the vesting period.
- Disability Retirement COLA: Establishing the cost-of-living adjustment rate for disability retirement.
- Military Service Purchase Credit: Extending the full payment period for military service purchase credit from 60 to 90 days.
- Data Sharing with PERA: Authorizing the ERB to share member data with the Public Employees Retirement Association (PERA) for the administration of the Public Employee Retirement Reciprocity Act.
On behalf of ERB, I would like to express my sincerest appreciation and gratitude to Senator Figueroa and the Legislature for its bipartisan support and of course, Governor Lujan Grisham for enacting this legislation.
Additionally, Senate Bill 133 (sponsored by Senators Stewart, Wirth, and Figueroa) and House Bill 251 (sponsored by Representatives Hall II, Mirabal Moya, Baca, Terrazas, and Cullen) have passed both chambers and are awaiting the Governor’s signature. This includes:
- Senate Bill 133: Extends the return-to-work program for retired members from 36 to 60 months and increases the maximum earnings under $15,000 or less program to $25,000.
- House Bill 251: Amends the ERA to allow retired members a one-time, irrevocable beneficiary change.
ERB Facility Update
ERB’s new 19,443 sq. ft. office headquarters at 5211 Las Soleras Dr, Santa Fe, is nearing completion. Cubicle and furniture installation is scheduled to begin on April 8th, which will allow ERB to consolidate operations under one roof. ERB is also preparing to sell its current facility to the General Services Department, Facilities Management Division for use by the Public Regulation Commission.
Closing Remarks
We want to thank all our current and retired members for their hard work and dedication to New Mexico. Stay safe until our next update.
David Archuleta