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Committee adopts amendment to education retirement bill to repeal conflicted gift language, allow ERB-PERA data sharing
Summary
Senate Bill 75, as amended, repeals a gift provision superseded by the state's gift act, clarifies existing ERB practices, and adds a new provision allowing the Educational Retirement Board to share data with PERA; the committee adopted an amendment and heard support from retiree and education groups.
Sen. Figueroa explained that Senate Bill 75 makes six changes related to the Educational Retirement Board (ERB); the committee adopted an amendment that repeals a section on gifts because that provision is superseded by the state's gift act.
The amendment (Senate Education Committee amendment 230251.1) was moved for adoption and the committee recorded affirmative votes. The sponsor told the committee four of the bill's changes codify current ERB practices and therefore carry no appropriation. The sponsor said the new provision would allow ERB to share information with the Public Employees Retirement Association (PERA) so members who have credit across both systems can learn of unused service credit that could affect benefits.
Sponsors and committee members also described clarifications: allowing unclaimed contributions to be deposited in the retirement fund pending beneficiary claims, clarifying the contribution period as five years with the "last day of the sixtieth month" as the standard (and calendar-year end for contract employees), and adding flexibility for members to use military service to buy service credit. The sponsor said the measure had been heard previously in the interim by the Investment and Pension Oversight committee, which identified the gift-language issue corrected by the amendment.
Richard Romero, a registered lobbyist for the New Mexico Association of Educational Retirees, told the committee his organization "support[s] this legislation strongly." Bonnie Lightfoot, identified as president of the New Mexico Coalition of Educational Leaders, also spoke in favor. Meredith Machin represented AAUW New Mexico and the League of Women Voters and said she supports the bill.
Committee discussion did not record a final floor or final-chamber vote on SB75 at the hearing; sponsors characterized much of the bill as clarifying existing practice and noted the only substantive new authority is the ERB-PERA information-sharing provision.
