New Mexico Retirement Benefits Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• Control #: US-CC-21-166
• Format: Word; Rich Text

Description

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 The New Mexico Retirement Benefits Plan, also known as the NM Retirement Plan, is a comprehensive retirement savings program designed to secure the financial future of employees in the state of New Mexico. It provides various benefits and retirement options to ensure a comfortable and stable retirement for participants. One of the main types of retirement benefits offered by the New Mexico Retirement Plan is the Defined Benefit Plan. This type of plan guarantees a fixed retirement income for eligible employees based on their salary history and years of service. It aims to provide a reliable and predictable source of income throughout retirement. Another type of retirement benefit available is the Defined Contribution Plan. This plan allows employees to contribute a portion of their earnings toward their retirement savings. The contributions are then invested, often in a selection of investment options, and grow over time. This type of plan provides participants with flexibility and control over their retirement savings. Additionally, the New Mexico Retirement Plan offers a range of optional benefits and services to enhance retirement security. These include supplemental retirement plans, such as the 457(b) Deferred Compensation Plan, which allows employees to save additional funds through pre-tax contributions and investment options. To ensure the accessibility of retirement benefits for all employees, the New Mexico Retirement Plan provides features like portability, allowing members to transfer retirement savings from previous employers into their account or take their savings with them if they switch jobs. Members can also benefit from online portals and tools to manage their retirement savings, track contributions, and estimate future benefits. The New Mexico Retirement Plan emphasizes financial literacy and educational resources to help participants make informed decisions about their retirement savings. It offers access to retirement planning seminars, workshops, and online resources to educate employees about retirement planning strategies, investment options, and the importance of developing savings habits early on. In summary, the New Mexico Retirement Benefits Plan is a comprehensive retirement savings program that offers various options to employees in New Mexico. It includes defined benefit and defined contribution plans, supplemental retirement plans, portability features, and financial education resources to ensure participants can achieve a secure and comfortable retirement.

The New Mexico Retirement Benefits Plan, also known as the NM Retirement Plan, is a comprehensive retirement savings program designed to secure the financial future of employees in the state of New Mexico. It provides various benefits and retirement options to ensure a comfortable and stable retirement for participants. One of the main types of retirement benefits offered by the New Mexico Retirement Plan is the Defined Benefit Plan. This type of plan guarantees a fixed retirement income for eligible employees based on their salary history and years of service. It aims to provide a reliable and predictable source of income throughout retirement. Another type of retirement benefit available is the Defined Contribution Plan. This plan allows employees to contribute a portion of their earnings toward their retirement savings. The contributions are then invested, often in a selection of investment options, and grow over time. This type of plan provides participants with flexibility and control over their retirement savings. Additionally, the New Mexico Retirement Plan offers a range of optional benefits and services to enhance retirement security. These include supplemental retirement plans, such as the 457(b) Deferred Compensation Plan, which allows employees to save additional funds through pre-tax contributions and investment options. To ensure the accessibility of retirement benefits for all employees, the New Mexico Retirement Plan provides features like portability, allowing members to transfer retirement savings from previous employers into their account or take their savings with them if they switch jobs. Members can also benefit from online portals and tools to manage their retirement savings, track contributions, and estimate future benefits. The New Mexico Retirement Plan emphasizes financial literacy and educational resources to help participants make informed decisions about their retirement savings. It offers access to retirement planning seminars, workshops, and online resources to educate employees about retirement planning strategies, investment options, and the importance of developing savings habits early on. In summary, the New Mexico Retirement Benefits Plan is a comprehensive retirement savings program that offers various options to employees in New Mexico. It includes defined benefit and defined contribution plans, supplemental retirement plans, portability features, and financial education resources to ensure participants can achieve a secure and comfortable retirement.