New Mexico public pension reform faces vote in state Senate

New Mexico

SANTA FE, N.M. (AP) — The New Mexico state Senate is considering a proposal to shore up New Mexico’s overextended pension fund for state and local government workers.

The bill from Democratic state Sen. George Munoz of Gallup responds to concerns about $6.6 billion in unfunded pension liabilities that are weighing down the credit rating of the state and its largest city and driving up borrowing costs.

Managers of the $16 billion fund overseen by the the Public Employees Retirement Association say an economic downturn could severely undermine the fund’s long-term solvency and its ability to meet retirement obligations.

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