Pension Task Force Recommendations for Statewide Pension Reform

Where: New Mexico

Who appointed the Pension Task Force? New Mexico Gov. Michelle Lujan Grisham

What recommendations did the task force make?

• increase in contributions
• 3 years of reducing COLAs
  • maximum COLA would be set at 3% per year
  • With 100% funded pension, increase to 5% per year
  • Minimum adjustment of 0.5%
•  profit-sharing model to have benefits fluctuate with returns
• eliminate the current earnings cap of 90% to encourage longer employment

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