NM HB40

Retired members under the Educational Retirement Act receive a temporary, annual, non-compounding additional payment equal to 2% of their annuity (including prior cost-of-living adjustments) during fiscal years 2027 and 2028

Appropriates $65,500,000 from the general fund to the Educational Retirement Board starting in fiscal year 2027 to fund these temporary payments

Unexpended balances do not revert to the general fund at the end of each fiscal year

Existing cost-of-living adjustment provisions based on funded ratio and consumer price index remain unchanged for regular annual adjustments