NM SB169

Qualified pension recipients age 65 and older receive a 1.68% cost-of-living adjustment to their pension benefits each July 1 during fiscal years 2027 and 2028

Appropriates $10 million from the general fund to the Public Employees Retirement Association for fiscal years 2027 and 2028 to fund these adjustments, with unexpended funds not reverting to the general fund

Normal retired members with 25+ years of service and annual benefits of $25,000 or less continue to receive 2.5% annual increases

Disability retired members with annual benefits of $25,000 or less and normal retired members age 75+ (as of July 1, 2020) continue to receive 2.5% annual increases

Recipients may decline the pension increase by providing written notice to the association at least 30 days before the effective date