21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service
New Mexico Retirement Benefits Plan
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Age 62 or older with 14 or more years of service credit; or. Age 63 or older with 11 or more years of service credit; or. Age 64 or older with 8 or more years of service credit; or. Age 65 with 5 or more years of service credit.
You are vested in PERA after 36 months of public service (60 months for members hired after June 2010). Being vested means you qualify for benefits at the minimum allowable age.
PERA is a 401(a) qualified government plan governed by the New Mexico Public Employees Retirement Act. A public employer affiliated with PERA must deduct employee contributions each pay period from the employee's wages. These contributions are paid into the PERA member contribution fund.
With the PERA Defined Benefit (DB) Plan, you'll receive income in retirement that you can't outlive. The amount you'll receive each month depends on three important factors: Your highest average salary, the amount of service credit you have accrued, and your age at retirement.
The option of the single-life benefit is paid during the member's lifetime only; no monthly payments will be made to any person after the member's death. However, any balance of the employee contributions at the time of death will be paid in a lump-sum payment.
New Mexico has become a popular retirement destination, and it's easy to see why. The state has plenty of characteristics that attract retirees, including its low cost of living, warm climate, rich culture, and many amenities. If you're considering retiring to New Mexico, we can help.
The statutory Cost Of Living Adjustment (COLA) for eligible retirees as of July 1, 2023 is: 3.60% for retirees with 25 or more years of service credit and whose monthly benefit is less than or equal to the median benefit of $1,720.56 as of June 30, 2022. 3.20% for all other eligible retirees.
If you are at least 67 years old and have five or more years of earned service credit, you are eligible for retirement.