New Mexico Retirees Are Getting Left Behind
We worked our entire careers with the expectation of a secure and sustainable pension. In 2020, the legislature broke the promise it had made to all public employees. Now, we are paying the price. Without change, it will only get worse
AN UNCERTAIN FUTURE
Our Pensions have lost 20% of their purchasing power since 2019.
For 30,000 public retirees across New Mexico, PERA pensions over $25,000 have lost 20% of their value since 2019, with cumulative Cost-of-Living Adjustments (COLAs) falling 24% below inflation. Unless the Legislature makes changes, it’s only going to get worse.
Prior to 2020, state law committed 2% COLAs to public employee pensions. In 2020, the Legislature changed COLAs impacting thousands of people who were already retired—and counting on our pensions. If we live 25 years from now, our pensions will be worth just about half (54%) of what they were in 2019. That means we will be able to pay for only HALF what we could afford in 2019.
The Legislature Can Fix This! They can do it without hurting PERA, but we have to act fast. Elected officials need to hear from us!
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Make Your Voice Heard
The legislature can fix this, but they need to hear from you. Contact your legislator and send this simple message or write your own:
SUBJECT: Restore 2% COLAs for Public Retirees
Please restore the 2% Cost of Living Adjustment so public retirees can keep up with inflation.
Public retiree pensions have lost 20% in spending power in the last five years and will continue to decline unless you take action. Retirees need to keep up with inflation so we can live independently and pay our bills!
The law promised us 2% COLAs. The state should restore 2% COLAs that were committed to us in statute before changes made in 2020.
Please restore the 2% COLA for public retirees.
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