Senate Approves Pension Changes To Help Budget

KRWG News – SANTA FE, N.M. (krwg)
The legislation trims government contributions to pensions to help balance the budget.

Supporters said the proposal will prevent worker furloughs or layoffs. Opponents said it's unfair to balance the budget on the backs of public employees.

The bill passed the Senate 29-12 late Tuesday and goes back to the House.

The measure requires state workers, public school employees and college faculty to contribute an extra 1.75 percent into their pensions for the next two years while the state reduces its payments by a similar amount. The state did a similar 1.5 percent pension swap two years ago and that will be continued for two more years.

Copyright 2011 The Associated Press. krwg