Published to Newsletter on May 27, 2020
In April, UNM announced the following changes to the Education Retirement Act (ERA), per Senate Bill 111.
The following three Return-to-Work Options for NMERB Retirees that will not require suspension of the ERB pension went into effect May 20:
If the employee is working for other NMERB employers, the gross earnings will be combined with the gross earnings of all other employers. The resulting gross earnings must be less than $15,000 for the fiscal year. A 90-day layout, a new application, and NMERB approval is required, including for retirees who wish to switch from .25 FTE and move to less than $15,000 per year earnings.
For all options, submitting the NMERB Return-to-Work Application and obtaining NMERB approval is required. If return to work is approved by NMERB, the retiree will receive a copy of the approval by mail and must submit a copy to UNM.
Retirees currently approved by NMERB to work as RTW or up to .25 FTE who wish to continue under their current option do not need to take any action.
For more details about SB 111 and these changes, see the UNM Retiree Return-to-Work Checklist or email Member.Help@state.nm.us, or call 1.866.691.2345.
Tags: retirement