NM Legislature: Pension Reform

By KRWG News

Las Cruces – Pension reform is expected to be one of the issues discussed during New Mexico's 30-day legislative session that begins today (Tuesday).

Fred Martino reports.

The Educational Retirement Board or ERB is proposing changes to the pension system for school district and University employees. The changes include a minimum retirement age of 55 and limits on cost of living increases.

We asked Senator Steve Fischmann about the issue on KRWG-TV's Your Legislators. He says changes must be considered to prevent the pension system from becoming insolvent.

Fischmann also plans to support legislation tackling economic issues including a bill to prevent foreclosure it would require mediation for mortgages that can be salvaged. He also supports changes in the Gross Receipts Tax to eliminate taxes on purchases between businesses. He says that measure could be paid for by eliminating tax loopholes.