SANTA FE, N.M. (AP) — New Mexico's highest court is considering whether the state can cut cost-of-living increases for retired educators to help shore up the pension system's long-term finances.
The state Supreme Court is scheduled Wednesday to hear from lawyers in a case brought by four retirees, who contend the state Constitution protects their pensions from reductions such as those required under a law enacted earlier this year.
The retirees say they have a property right in their retirement benefits, but the attorney general's office contends that pensions can be changed to preserve the solvency of a retirement plan.
The educational retirement system covers nearly 100,000 educators and retirees.
Retirees saw their pensions go up by just under 2 percent this year after the cuts were implemented in July.
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