NM Legislature OKs judicial retirement changes

Posted at: 02/19/2014 9:31 AM
By: The Associated Press

Photo: MGN

SANTA FE (AP) - A proposal to improve the long-term finances of a pension system for judges has won final approval in the Legislature.
The Senate unanimously endorsed the measure Tuesday night, sending it to Gov. Susana Martinez.
The legislation requires judges to contribute a larger share of their salaries to the retirement system. Government employers - with taxpayer money - also would provide more.
New judges would have to work at least eight years - up from five years currently - to qualify for a pension.
The retirement fund is projected to be fully funded in 30 years if the proposed changes are enacted. Currently it has only 56 percent of the assets needed to cover future retirement benefits.
The governor vetoed a judicial pension overhaul last year.

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