SANTA FE, N.M. (AP) - Members of a legislative committee are taking stock of mounting liabilities at New Mexico’s two major public pension funds in the wake of a downgrade of the state’s credit rating.
Democratic state Sen. George Munoz of Gallup says new reforms are needed to shore up public pension plans for teachers, state workers and municipalities that are managed by the New Mexico Educational Retirement Board and the Public Employees Retirement Association. A pension oversight committee is meeting Wednesday.
Moody’s Investors Service in June cited large pension liabilities in its decision to downgrade New Mexico’s creditworthiness.
Munoz says he and other lawmakers want to develop legislation to ensure the sustainability of public pensions as beneficiaries live longer. He says the effort may take more than a year because of actuarial complexities.
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