The legislative session may giveth but could also taketh away.
The board of the Public Employees Retirement Association backed a proposal Tuesday that calls for workers to contribute more of their paychecks to the pension system and suspend cost-of-living adjustments until 2022.
On top of all that, the system wants the Legislature to chip in $200 million.
The decision comes as the pension system struggles to reach full funding under the watch of wary credit-rating agencies that have raised alarms about the financial state of the New Mexico’s government retirement programs, which have about 50,000 active members as well as 40,000 retirees and beneficiaries.