ERB may drop proposal to require later retirement

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The N.M. Educational Retirement Board is considering a new proposal that would require members to pay more into their retirement but not have to work additional years before they are eligible to retire.

The Albuquerque Journal has the details:

“The board in November sparked outrage among teachers after announcing plans to consider changes to its retirement program that could require an additional 10 years of work and increase employee contributions to improve the state fund.

“After hearing from teachers, the board has drawn up changes that would largely leave retirement eligibility unchanged for current teachers and school staff. However, members would still have to pay at least an extra half-percent of wages into the fund.”

You can find more details here.

The board meets Dec. 17 to vote on the proposals. Any changes would need approval in the Roundhouse as well.

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