RETIREMENT PLANS

NM EDUCATIONAL RETIREMENT PLAN

Eligibility – employees working 10 hours per week (.25 FTE) or more (excluding graduate assistants and student employees)
Form required for personal information only, beneficiary form required
(Reference Policy 7.15)

Participation in the NM Educational Retirement Plan is required of eligible employees. Employees contribute 7.825% of gross salary by payroll deduction and the university contributes 10.90%. An employee may retire when ONE of the following conditions are met:

1. age 65 with 5 years of services; or
2. when age plus years of service equal 75 (penalties may apply for retirees under age 60); or
3. any age with 25 years of service.

Formula: (average salary) x (years of service) x (.0235) = (annual benfits)

The plan has special provisions for out-of-state credit and military credit. Monthly retirement benefits will be reduced if retirement commences before age 60. Please contact the New Mexico Educational Retirement Board for plan details.

ERB Beneficiary Designation (Form 42)

NM Educational Retirement Board

ERA Handbook

NM ALTERNATIVE RETIREMENT PLAN

TIAA-CREF AND VALIC

Eligibility – eligible employees are notified by Benefit Services
Enrollment form required, beneficiary form required
(Reference Policy 7.15)

The New Mexico Alternative Retirement Plan is an optional defined contribution retirement plan available to faculty and certain non-faculty employees who have never contributed to the New Mexico Educational Retirement Plan. Participants contribute 7.75% of gross pay and the university contributes 7.15% to the carrier. Eligible employees have 90 days from the date of hire to exercise this retirement option. Please contact the individual carrier for plan details.

ARP and ERB Comparison