New Mexico workers asked to pay more for retirement benefits

Posted at: 11/28/2012 3:20 PM
By: BARRY MASSEY Associated Press

SANTA FE, N.M. (AP) - State and local government workers and educators could see their take-home pay shrink in the next several years under proposals to have them contribute more of their salaries for retirement benefits.

A legislative panel on Wednesday endorsed a pair of proposals to shore up the long-term finances of two programs for public employees - the retirement system for educators and a separate program offering health insurance to retirees from state and local government jobs as well as public schools and universities.

One proposal calls for nearly 62,000 educators to pay an extra $46 million over two years into their pension system.

Under another measure, 133,000 public employees, including educators, would pay $30 million over three years for retiree health care while taxpayers pay $60 million more.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)