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Elected Official - Public Employees Retirement Association of New

Elected Official - Public Employees Retirement Association of New 2025

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The document outlines the process for Public Employees Retirement Association (PERA) retirees in New Mexico to apply for exclusion from PERA membership when they are elected to office. It includes instructions for completing the exclusion form, details about the irrevocable nature of the exemption, and specifies that excluded service will not count as credited service for retirement. The document also emphasizes that this form is specifically for PERA retirees and not applicable to judges or magistrates.

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What is the average PERA pension in New Mexico?

The average monthly retirement benefit for members is $2,606. PERA serves 47,855 active employees and 45,216 retired members and survivor beneficiaries. New employees contribute 7.42-10.92% of pay to PERA. After a 30-year career, a pension benefit from PERA will replace 50% to 75% of an employees final average salary.

Is PERA mandatory in New Mexico?

Eligible employees are required by State of New Mexico law to join the Public Employees Retirement Association of New Mexico (PERA).

How long does a PERA retirement last?

Most members will deplete their contribution balance within three to four years of collecting their benefit. This means there are usually no contributions left in a members account upon death to pay out to a beneficiary or estate.

How does New Mexico treat retirees?

Income Taxes: Relief for Retirees New Mexico imposes a state income tax with progressive rates ranging from 1.5% to 5.9%, depending on income. However, it offers targeted relief for retirees that softens the impact.

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