PERA TWO PERCENT COST OF LIVING ADJUSTMENTS

SB 30 provides a two percent annual cost-of-living adjustment (COLA) for certain retired New Mexico state employees. It directly affects normal retired members over age 65 who retired from state government before July 1, 2025, by increasing their pension payments by 2% each July 1. The bill appropriates $10 million from the general fund for fiscal year 2026 and beyond to fund this adjustment, with unspent funds not reverting to the general fund. This replaces a previous reduction in COLA rates for this specific group of retirees.