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.
Information from: Albuquerque Journal, http://www.abqjournal.com
Copyright 2012 The Associated Press.