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House OKs educator pension changes
Senate taking different approach to solvency
Updated: Saturday, 11 Feb 2012, 3:04 PM MST
Published : Saturday, 11 Feb 2012, 3:04 PM MST
SANTA FE, N.M. (AP) - The House has approved a proposal to help shore up the finances of a pension program for public school employees and higher education workers.
The measure establishes a minimum retirement age of 55 for educators hired starting in mid-2007. The proposal makes permanent a 1.5 percent increase in pension contributions required for most educational employees in 2009 but scheduled to expire in 2013.
If the measure is enacted, educators will contribute 9.4 percent of their salaries into their retirement program.
The House approved the bill 66-2 on Saturday and sent it to the Senate.
The retirement system covers about 97,000 workers and retirees.
A more far-reaching pension solvency proposal is pending in the Senate and calls for higher contributions by workers and government employers.
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