New Mexico’s public pension system, one of the most troubled inthe nation, cut its unfunded liabilities gap by $1.6 billion fromlast year, its board of trustees announced.

The Public Employees Retirement Association of New Mexico, whichcovers 55,000 workers and 34,000 retirees, attributed the good newsto pension reforms approved by the state legislature and signedinto law in April. The changes included reducing benefits foreveryone covered under the system, including those alreadyretired.

The executive director of the fund, Wayne Propst, told theAlbuquerque Journal that reductions in cost of living adjustmentswere the main reason the amount of liabilities fell more than wasexpected. Those adjustments are the subject of a lawsuit being heard by the state supreme court.

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