New Mexico Senate Bill SM28

New Mexico 2022 Regular Session

• Introduced: 2/10/22
• Refer: 2/10/22

Caption

"pera Day"

Impact

If enacted, SM28 would serve to acknowledge the significant role of PERA in the state's public sector and its total fund value of approximately $17.6 billion, along with the $1.3 billion in retirement benefits it provided in fiscal year 2021. This recognition reflects efforts to honor those who have served in public roles, ensuring that their contributions are publicly celebrated and appreciated. Creating a specific day dedicated to public employees' retirement would likely enhance awareness around the importance of retirement programs for state employees.

Summary

Senate Memorial 28 (SM28) proposes to officially designate August 1, 2022, as 'Public Employees Retirement Association Day' in New Mexico. This resolution commemorates the seventy-fifth anniversary of the Public Employees Retirement Association (PERA), which was founded in 1947 to provide retirement benefits to public servants across the state, including employees from municipalities, counties, and various political subdivisions. The bill highlights the importance of the association and recognizes the contributions it has made to the welfare of public employees and retirees in New Mexico.

Contention

While the summary indicates a celebration of PERA’s contributions, it may face minimal contention primarily due to the nature of the bill being a memorial rather than a legislative change. However, some members may argue regarding the allocation of resources for this commemoration amidst other pressing issues. The focus on state employees' retirement may bring to light broader discussions on funding priorities and the state's financial obligations to retirees and active employees alike.