New Mexico’s public pension system, one of the most troubled in the nation, cut its unfunded liabilities gap by $1.6 billion from last year, its board of trustees announced.
The Public Employees Retirement Association of New Mexico, which covers 55,000 workers and 34,000 retirees, attributed the good news to pension reforms approved by the state legislature and signed into law in April. The changes included reducing benefits for everyone covered under the system, including those already retired.
The executive director of the fund, Wayne Propst, told the Albuquerque Journal that reductions in cost of living adjustments were the main reason the amount of liabilities fell more than was expected. Those adjustments are the subject of a lawsuit being heard by the state supreme court.
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