New Mexico legislation · 2026 Regular Session
New Mexico SM31: PERA WORK GROUP
Status: Passed both chambers, February 17, 2026
What the bill says
From the enrolled text, February 27, 2026:
A MEMORIAL REQUESTING THE CREATION OF A WORK GROUP TO STUDY THE PUBLIC EMPLOYEES RETIREMENT ASSOCIATION FUND, POLICIES IMPACTING BENEFITS AND THE SOLVENCY OF THE FUND AND THE IMPACT OF CHANGES MADE TO RETIREE COST-OF-LIVING ADJUSTMENTS AND TO MAKE RECOMMENDATIONS TO IMPROVE FUND SOLVENCY AND EXPLORE THE POSSIBILITY OF PROVIDING COST-OF-LIVING ADJUSTMENTS TIED TO INFLATION. WHEREAS, the long-term stability of the public employees retirement association fund is necessary to ensure that public retirees receive their earned pensions; and WHEREAS, the public employees retirement association fund's unfunded liability has risen dramatically in recent years; and WHEREAS, in the six years since passage of Senate Bill 72 in the 2020 regular legislative session, many public retiree pensions have not kept up with inflation, significantly reducing retiree spending power; and WHEREAS, changes enacted by the legislature in 2020 suspended cost-of-living adjustments for three years and altered the methodology of compounding cost-of-living adjustments for approximately thirty thousand current public retirees, shifting their basis from inflation to a statutory formula based on public employees retirement association fund solvency and investment performance; and SM Page WHEREAS, although the changes made in 2020 were intended to reduce the public employees retirement association fund's unfunded liability and projections were that retirees would receive average compounding cost-of-living adjustments of one and sixty-four hundredths percent, those projections have not materialized; …
Sponsors
- Elizabeth "Liz" Stefanics (D, SD-039) · primary sponsor
- Linda M. Trujillo (D, SD-024)
- Natalie Figueroa (D, SD-018)
- Michael Padilla (D, SD-014)
- Peter Wirth (D, SD-025)
- Cynthia Borrego (D, HD-017)
- Pete Campos (D, SD-008)
- Leo Jaramillo (D, SD-005)
- Antoinette Sedillo Lopez (D, SD-016)
Latest actions
- : Passed in the Senate - Y:42 N:0
- : SRC: Reported by committee with Do Pass recommendation
- : Sent to SRC - Referrals: SRC
- : Signed by one or both houses (for legislation not requiring Governor's signature)
Subjects: MEMORIALS, OTHER, OFFICERS & EMPLOYEES, PUBLIC
Common questions
- What is SM31?
- SM31 is a bill in the New Mexico Legislature (2026 Regular Session): PERA WORK GROUP.
- What is the status of SM31?
- Passed both chambers as of February 17, 2026. Latest action: Passed in the Senate - Y:42 N:0 (February 17, 2026).
- Who sponsored SM31?
- Elizabeth "Liz" Stefanics (D, SD-039), with 8 co-sponsors.
- Where is the official record for SM31?
- On the New Mexico Legislature website: https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legType=M&legNo=31&year=26
Source: official New Mexico record. Tracked by Delilah, AI for legislation across all 50 states and Congress.