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The New Mexico Educational Retirement Board (NMERB) is a defined benefit plan. The benefit received upon retirement is defined by a prescribed formula based on years of service, a salary calculation, and an employee's age that may only be altered by the New Mexico State Legislature.
Questions about any of the following can be addressed to:
New Mexico Educational Retirement Board (NMERB)
P.O. Box 26129
Santa Fe, NM 87502-6129
Toll Free 866-691-2345 or email@example.com.
Additional information can be found on the NMERB website in the NMERB Handbook
All employees at UNM (excluding student employees, resident physicians, post-doctoral employees, and full VA employees) with an appointment of 26% or more are eligible to participate.
As you review NMERB job requirements, please note that NMERB policy language uses FTE and the UNM system of record uses appointment percentage. Example: An appointment of 26% with UNM is equal .26 FTE.
Employees hired in On-Call or Temporary positions who are working an appointment of 26% or more per quarter, will be eligible to earn retirement service credits and thus are required to make NMERB contributions. Additionally, as the employer, UNM will be required to contribute the Employer Rate for each of these employees.
Your enrollment in this plan is automatic. No action on your part is needed.
The employer's (UNM) contribution for employees with an annual wage over $24,000 (equivalent to appointment of 100%) is 17.15% of gross earnings, and the employee's tax-deferred contribution is 10.7% of gross earnings. For employees with an annual wage of $24,000 (equivalent to appointment of 100%) or less, employer contributions are 17.15% of gross earnings, and the employee's tax-deferred contribution is 7.9% of gross earnings. Rates are subject to change by the New Mexico Legislature.
In order to receive an NMERB retirement pension benefit, you must meet one of the following criteria:NMERB member before July 1, 2010 (Tier 1):
|Years of Service||Multiplier|
|10 or less||1.35%|
|10.25 to 20||2.35%|
|20.25 to 30||3.35%|
Employees who separate from UNM (in a capacity other than retiring from UNM) have three options for their retirement money. Details on these options, along with instructions on how to withdraw your funds, can be found on the Payroll website under the question “When I separate from the University, how do I withdraw my funds?”
In order to retire under the NMERB retirement program, you must first verify that you are eligible to retire under the provisions of the plan. To verify your eligibility, contact the Education Retirement Board at 866-691-2345 or email firstname.lastname@example.org to request an eligibility date and an estimate of your NMERB pension benefit. Once you have confirmed your eligibility, determine your retirement date* and follow the instructions below.
*Retirement date must always be the first of any month. Faculty on a 9-month academic contract that ends in May must select a July 1 retirement date per New Mexico statute. Faculty on a 12-month contract may retire on the first of any given month of the year.
In addition, you can review Policy 3600, Section 3.6 and 3.7 for UNM retiree benefits eligibility.
At least 90 days prior to your anticipated UNM retirement date contact Benefits & Employee Wellness. A Benefits Representative will walk you through the process and provide you with the information you need to complete the Retirement Application online, the required documentation and any necessary forms. If you are eligible for UNM post-retirement benefits, benefits enrollment forms will be provided to you at the time of your application. Email us at email@example.com.
Notify your department, in writing, of your intention to retire and your last scheduled day of employment with UNM. It is advised that you give your department as much notice as possible to ensure a smooth transition into retirement, generally no less than 30 days ahead of your intended retirement date. UNM Faculty who are on a 9-month academic contract are generally required to give at least a semester's notice to their department.