EDUCATIONAL RETIREMENT CHANGES

HB 454 provides a temporary, non-compounding 2% payment on existing retirement payments to retired educators under New Mexico's Educational Retirement Act for fiscal years 2026 and 2027. This additional payment is calculated as 2% of a retiree's current annual retirement amount (including prior cost-of-living adjustments). It directly affects retired public school employees and other eligible educators who receive benefits under this specific retirement system. The provision is temporary and does not alter the standard cost-of-living adjustment formula for future years.