New Mexico’s pension program for public employees is not expected to hit its investment target this year and it could have a serious impact.
Wednesday, an executive at one of New Mexico’s pension plans for public employees stated that the agency isn’t on track to hit its investment returns target this year. According to the Albuquerque Journal, Public Employees Retirement Association executive Wayne Propst says returns could come in at three to five percent, well below the 7.25% standard by many plans across the nation.
Meanwhile, the Educational Retirement Board, the state’s other main public pension system for educators says it’s too early to predict whether they will reach the target. Both plans stated the target of 7.25% is a long term-goal.