Sat Mar 8 5:04PM - 13 days, 17 hours left in session
| Sponsors | ||
|---|---|---|
| Sen. Michael Padilla | 14 | Bernalillo |
| Sen. Elizabeth "Liz" Stefanics | 39 | San Miguel, Santa Fe, Torrance & Valencia |
| Status | |||
|---|---|---|---|
| SHPAC | [Referred, not scheduled] | ||
| SFC | |||
This is the official nmlegis action history. I'm doing my best to translate the LONG/WEIRD-STRING to something less gibberishy. And before you ask, no, the "Legis Day" number has no mapping to the real world.
Actions: [2] SHPAC/SFC-SHPAC
| Legis Day | Action | Details |
|---|---|---|
| 2 | referred | SHPAC/SFC |
| 2 | sent | SHPAC |
This table shows bill actions detected on Ed's system, using heuristics that may not be 100% accurate and which may not reflect the "official" nmlegis chronology. It is probably more than you care to know.
| Jan 23 | filed: [Prefiled by Michael Padilla et al; not yet on nmlegis] |
| [new] | |
| sent to SHPAC | |
| title: '[prefiled by Michael Padilla Et Al; Not Yet on Nmlegis]' -> 'PERA Cost-of-Living Adjustments' | |
| actions: 'SPREF' -> '[2] SHPAC/SFC-SHPAC' | |
| new sponsor: Michael Padilla | |
| new sponsor: Elizabeth "Liz" Stefanics |
SENATE BILL 117
57th legislature - STATE OF NEW MEXICO - first session, 2025
INTRODUCED BY
Michael Padilla and Elizabeth "Liz" Stefanics
AN ACT
RELATING TO PUBLIC EMPLOYEE RETIREMENT; REPEALING AND REENACTING A NEW SECTION 10-11-118 NMSA 1978 (BEING LAWS 2020, CHAPTER 11, SECTION 61) RELATING TO COST-OF-LIVING ADJUSTMENT PROVISIONS FOR QUALIFIED PENSION RECIPIENTS; PROVIDING COST-OF-LIVING ADJUSTMENTS THAT ARE EQUAL TO SOCIAL SECURITY AND SUPPLEMENTAL SECURITY INCOME COST-OF-LIVING ADJUSTMENTS; MAKING AN APPROPRIATION.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. Section 10-11-118 NMSA 1978 (being Laws 2020, Chapter 11, Section 61) is repealed and a new Section 10-11-118 NMSA 1978 is enacted to read:
"10-11-118. [NEW MATERIAL] COST-OF-LIVING ADJUSTMENTS--QUALIFIED PENSION RECIPIENT.--
A. A qualified pension recipient is eligible for a cost-of-living pension adjustment. A qualified pension recipient is:
(1) a normal retired member who has been retired for at least two full calendar years from the effective date of the member's latest retirement prior to July 1 of the year in which the pension is being adjusted;
(2) a normal retired member who has attained the age of sixty-five years and has been retired for at least one full calendar year from the effective date of the member's latest retirement prior to July 1 of the year in which the pension is being adjusted;
(3) a disability retired member who has been retired for at least one full calendar year from the effective date of the member's latest retirement prior to July 1 of the year in which the pension is being adjusted;
(4) a survivor beneficiary who has received a survivor pension for at least two full calendar years; or
(5) a survivor beneficiary of a deceased retired member who otherwise would have been retired for at least two full calendar years from the effective date of the member's latest retirement prior to July 1 of the year in which the pension is being adjusted.
B. Beginning January 1, 2026, and no later than each January 1 thereafter, the retirement board shall certify to the association the social security and supplemental security income cost-of-living adjustment determined by the federal social security administration for that calendar year.
C. Beginning July 1, 2026, and each July 1 thereafter, the cost-of-living adjustment to a qualified pension recipient payable pursuant to the Public Employees Retirement Act shall be in an amount equal to the amount certified by the retirement board pursuant to Subsection B of this section, and the amount of increase shall be determined by multiplying the amount of pension, inclusive of all prior adjustments, by the social security and supplemental security income cost-of-living adjustment determined by the federal social security administration for that calendar year.
D. A qualified pension recipient may decline an increase in a pension by giving the association written notice of the decision to decline the increase at least thirty days prior to the date the increase would take effect."
SECTION 2. APPROPRIATION.--Fifty million dollars ($50,000,000) is appropriated from the general fund to the public employees retirement association for expenditure in fiscal year 2026 and subsequent fiscal years to provide adequate funding for cost-of-living adjustments to qualified pension recipients. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert to the general fund.
SECTION 3. EFFECTIVE DATE.--The effective date of the provisions of this act is December 1, 2025.
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