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Public Employees Retirement Association of New Mexico (PERA)

  https://www.nmpera.org/
 1-866-678-0670

 

PERA (Public Employee Retirement Association) of New Mexico

PERA Retirement is in two tiers:

Tier 1 hired and had member contributions on account, or retired on or before June 30, 2013.
Tier 2 hired or refunded and returned to work on or after 7/1/13.

Municipal Plan 2 

Tier 1

Municipal Plan 2

Tier 2

Municipal Police or Fire Plan 5 

Tier 1 

Municipal Police or Fire Plan 5

Tier 2

  • 5-year vesting period
  • 2.5% pension factor (yearly multiplier)
  • Final average based on 3 highest, consecutive earning years
  • Eligible for 100% maximum of the final average salary
  • Normal Retirement Eligibility
  • 25 years at any age
  • Age 65 with 5 or more years of service credit (Additional options: See PERA Website)
  • 5-year vesting period
  • 2% pension factor (yearly multiplier
  • Final average based on 5 highest, consecutive earning years
  • Eligible for 100% maximum of the final average salary
  • Normal Retirement Eligibility
  • Age 65 with 5 or more years of service credit
  • Rule of 85 –(See Below)

 (Additional information: See PERA Website)
  • 5-year vesting period
  • 3.5% pension factor (yearly multiplier)
  • Final average based on 3 highest, consecutive earning years
  • Eligible for 100% maximum of the final average salary
  • Normal Retirement Eligibility
  • 20 years of service at any age
  • Age 65 with 5 or more years of service credit (Additional options: See PERA Website)
  • 5-year vesting period
  • 3% pension factor (yearly multiplier)
  • Final average based on 5 highest, consecutive earning years
  • Eligible for 100% maximum of the final average salary
  • Normal Retirement Eligibility
  • 25 years of service at any age
  • Age 60 with 5 or more years of service credit

 (Additional information: See PERA Website)

Contributions to PERA and NMRHCA are required.

 

Non-Enhanced Members

  

Enhanced Members
(Fire Department and Sheriff's Office)

 

Regular employees enrolled in Municipal Plan 2

•Employees pay a 12.65% contribution percentage on base salary. 
•Employer pays 11.80% for each employee.

 

NMRHCA
•Non-enhanced (Plan 2 general members) pay 1% of base salary.

  

Certified Law enrolled in Municipal Police Plan 5

•Deputies pay 15.80% contribution percentage on their salary.  Employer pays 25.15% for each deputy (4% of employee portion paid by SJC).

 

Certified Fire enrolled in Municipal Fire Plan 5

•Fire Fighters pay 17.2% contribution percentage on their salary.  Employer pays 27.90% for each fire fighter (4% of employee portion paid by SJC).
 

NMRHCA

•Enhanced (Police or Fire Plan 5 members) pay 1.25% of base salary

 

NMRHCA – NM Retiree Healthcare

NMRHC is health care coverage for retirees:

•Who are eligible,
•Complete an application and are receiving a monthly PERA pension.
•Mandatory participation for all current employees paying into PERA.
•Reminder: It does start on your first paycheck. On your paystub, it will reflect “NMRHCA-NE”.
 

 

Additional voluntary retirement programs

 

 

Deferred Compensation Plan 457(b)

Before-tax Plans with a Choice of Investments
 PERA SmartSave- Administered by Voya

perasmartsave.voya.com
Online Enrollment and 24/7 account access
Pre-tax contributions (which lowers your taxable income) or Roth (paid after tax)

  

 

  NACo- Administered by Nationwide
Paper enrollment
Pre-tax contributions (which lowers your taxable income)