TEMPORARY PERA MEMBER PAYMENT

HB 41 provides a temporary, additional 2% payment to eligible retired public employees under New Mexico's Public Employees Retirement Act (PERA) for fiscal years 2027 and 2028. It directly affects retirees who meet specific criteria, such as having retired for at least two years (or one year if over 65), disability retirees with one year of retirement, or survivor beneficiaries with two years of payments. The bill appropriates $70 million from the general fund to cover these payments, which are calculated as 2% of each recipient’s current pension amount (not compounded), with special provisions for retirees receiving under $25,000 annually or aged 75+.