Gov signs ERB reform

Gov. Susana Martinez’s office announced today that she has signed SB115, a bill to reform the Educational Retirement Board. The ERB has been struggling with solvency issues for years. I’m not the expert on this, but my colleague Dan Boyd is, and here is an overview from him.

Martinez released this written statement with the signing:

“This proposal represents systemic reform to the state’s educator pension system,” she said. “Our negotiations with the legislature resulted in several concessions and improvements to bolster the system’s long-term solvency and moved us toward our ultimate goal of saving more than $6 billion over the next three decades. Ultimately, this bill is an important step forward and I will continue to work with legislators from both parties to make any necessary adjustments to ensure the fund’s future solvency.”