Legislators advanced a proposal to reform New Mexico’s public pension plan for state and local government workers with some dissent among Democrats in the legislative majority.

Public workers and retirees packed the Senate committee hearing on Thursday for deliberations on a bill aimed at reigning in $6.6 billion in unfunded liabilities at the pension fund overseen by the Public Employees Retirement Association.

Major provisions of the bill would tie future annual cost of living adjustments to investment returns instead of providing automatic 3% increases. It also increases pension contributions by employees and employers, with the exception of low-paid workers and state police and corrections officers.

Pension members over the age of 75 would be exempt from the changes.

Participants in the pension plan are divided over whether the solvency measures are necessary right now.

Read the whole article in The Washington Times.

This article quotes selections from “Public pension reforms advance in New Mexico Legislature” by Morgan Lee in The Washington Times.