PERA MEMBER TEMPORARY PAYMENT

HB 96 provides a temporary 2% annual payment on top of regular pension benefits for eligible retired members of New Mexico's Public Employees Retirement Act (PERA) during fiscal years 2026 and 2027. This non-compounding payment applies to retirees who have met specific eligibility criteria, such as having retired for at least two full years prior to the adjustment date. The bill appropriates $66 million from the general fund to cover these payments, which are calculated as 2% of each retiree's current pension amount (including prior adjustments). It does not affect current cost-of-living adjustments but adds this temporary benefit for qualifying retirees during the specified two-year period.