PERA Considering Pension Cuts

SANTA FE, N.M. (AP) — The Public Employees Retirement Association of New Mexico is considering making cuts in future retirement benefits for more than 54,000 government workers.  The Albuquerque Journal (http://bit.ly/MNnlLh) reports PERA officials are considering the proposal because of growing concerns about the pension fund's solvency.

Possible reductions include altering the formula that determines the starting amount of a retiree's pension benefits and lowering the annual cost-of-living adjustment.

PERA board members will hear the recommendations Thursday at a meeting in Alamogordo and vote on the matter the following day.

PERA Executive Director Wayne Propst says the plan still needs to go before a legislative committee.

Officials say the average annual pension for PERA retirees is about $28,385.

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Information from: Albuquerque Journal, http://www.abqjournal.com

Copyright 2012 The Associated Press.