New Mexico was staring down a pension crisis with OVER $6 billion in unfunded liabilities, but your lawmaker acted.
SB 72 is an essential first step that puts our state’s pension system on the right track. The pension is currently at 69% of necessary funding. At these levels, and due to past mismanagement, the fund was in danger of a "death spiral" in the event of economic downturn.
The provisions in SB 72 have helped secure the long-term solvency of our state’s pension: over the next 25 years, it’s expected to cut nearly all of the $6.3 billion unfunded liability, which would have been on taxpayers’ dime if the legislation had kicked the can down the road.
A lot of work remains, but this essential first step towards shoring up our pension system is worthy of recognition.