SANTA FE — Legislation intended to strengthen the financial health of New Mexico’s pension system for police, firefighters and other public employees is headed to the full House for consideration.
The proposal, Senate Bill 72, has already passed the Senate. It would make a variety of changes to the pension system operated by the Public Employees Retirement Association, including revisions to the annual cost-of-living adjustments now received by most retirees.
The House Appropriations and Finance Committee approved the bill on an 11-4 vote Friday, sending it on to the House floor.
The committee made a technical change to the legislation, however, meaning it will have to go back to the Senate for approval even if it’s passed by the House.
“This is an important step to improving the state’s credit rating,” said Olivia Padilla-Jackson, New Mexico’s secretary for finance and administration.