Notes

Notes

Notes

The NMERB Member Handbook can be accessed at www.nmerb.org under the Publications link. NoteKaryn Lujan, ERB Outreach Coordinator, (505) 476-6140 or karyn.lujan@state.nm.us.

www.nmerb.org

Access forms

Retirement calculator

Log into your ERB account

Current events, news

Quarterly newsletter

Rules and statutes

Member handbook

Email to ERB-memberhelp@state.nm.us

Phone: Albuquerque 505-888-1560 Santa Fe 505-827-8030 Toll free 866-691-2345

In person: 6201 Uptown Blvd. Ste. 204, Albuquerque*

*by appointment

701 Camino de los Marquez, Santa Fe

Social Security Administration

› www.ssa.gov

› 800-772-1213

PERA (Public Employees Retirement Assoc.)

www.state.nm.us/pera

800-342-3422

Notes

Retirement Information Seminar

For Active ERB Members

Notes

Allowed for Purchase Service Credit Other schools Military Time *

*Member must be vested

PERA Service

Earned Service Credit

Includes restored service credit

Refunds

Terminate employment, 20% IRS withholding, must refund full amount

Refunding contributions = no service credit

Rollover, Partial Rollover

Restoring Service Credit

Purchasing “withdrawn” service credit

Final Average Salary (FAS)(highest consecutive 5 fiscal year salaries)

XYears of Service (based on fiscal year)

X2.35% (multiplier set by state statute)

=gross annual benefit

1st day of the month following the last day of employment or receipt of application, whichever is later.

Those on a 9 or 10 month contract, who terminate employment in May, automatically have an effective date of retirement of July 1.

Option A most amount

no survivor’s benefit

Option B least amount

100% survivor’s benefit, age provisions for non-spouse

Option C less than A, more than B

50% survivor’s benefit, no age provisions

Notes

25 and Out Includes earned and allowed service credit

Rule of 75 Reduction in benefit if under age 60, 55

Allowed service counts towards benefit only, not eligibility

65 & 5

(also includes PERA if applicable)

30 and Out Earned service credit; Allowed service counts towards

benefit only, not eligibility

Rule of 80 Reduction in benefit if under age 65, 60

Allowed service counts towards benefit only, not eligibility

67 & 5

(also includes PERA if applicable)

30 and Out Earned service credit; Allowed service counts towards

benefit only, not eligibility Soft minimum retirement age of 55 COLA at age 67

Rule of 80 Reduction in benefit if under age 65, 60 Allowed service counts towards benefit only,

not eligibility

67 & 5

(also includes PERA if applicable)

What kind of retirement does NMERB offer?

Defined Benefit Plan

Who qualifies for NMERB benefits? NM Public Schools

More than .25 FTE

Two Offices

Santa Fe, Albuquerque

STATE OF NEW MEXICO

Educational Retirement Board

PO Box 26129

SANTA FE, NEW MEXICO 87502-0129

PHONE: (505) 827-8030 FAX: (505) 827-1855

Member Information

Name: SSN:

DOB: August 9, 1952 Age: 61.75

Retirement Information

Effective Date: July 1, 2014 Final Average Salary: $59,129.82 Total Service Credit: 27.00

Service Credit Breakdown

Estimated Addt’l Earned Service: 0.00 Estimated Addt’l Allowed Service: 0.00

Earned Service Purchase: 0.00 Allowed Purchased: 0.00

Earned Service: 27.00

Beneficiary Information

Name: SSN:

DOB: November 7, 1953 Age: 60.75

Benefit Information

Final Average Salary X Total Service Credit X Factor = Gross Annual Benefit

$59,129.82 27.00 0.0235 $37,517.87

Gross Annual Benefit / 12 = Unadjusted Monthly Benefit

$37,517.87 $3,126.49

Unadjusted Monthly Benefit X Factor = Adjusted Monthly Benefit

$3,126.49 100% $3,126.49

Option Member Beneficiary QDRO

A $3,126.49 $0.00 $0.00

B $2,512.76 $2,512.76 $0.00

C $2,786.02 $1,393.01 $0.00

Log into your ERB account at www.nmerb.org. Click on “My NMERB Account” and follow instructions to register.

15.25

15.25

Notes

Notes

Notes

Request an audited estimate

Must be within 1 year of retirement

Turn around time is 4-6 weeks

Submit your application 60 to 90 days prior to your effective date of retirement

Applications are on website or at your HR office

Application is 4 pages Instructions to complete application

Checklist of required documents

Member Information

Employer Certification

Your HR office will submit these documents to ERB

Post-Retirement Info. & Instruction Sheet

Final Selection of Benefit Form

Estimate of Retirement Benefit

Authorization for Direct Deposit

State and Federal Tax Deduction

Post-Retirement Employment Notice

Final selection of Benefit form, notarized Must be original form

Authorization for Direct Deposit

State and Federal Tax Deduction Form

Post-Retirement Employment Notice

Upon receipt of all correct forms, member is placed on payroll

Benefits are deposited on the last business day of the month

First check is a paper check

Direct deposit thereafter

Cost Of Living Adjustment

Member may receive a COLA on:

▪ July 1 of the year you turn age 65 or 67*

*Dependent on Tier Qualification

▪ July 1 of the year following your effective retirement date, whichever is later.

Non ERA Employment

Return to Work Program Must complete an application after 12 consecutive

month layout

Must be approved prior to employment

RTWP retirees must make non-refundable employee contributions

Return to Work Exception Do not exceed $15,000 per fiscal year

- or -

Work less than .25 of an FTE per fiscal year

Independent Contractor Must complete an application

Must be approved prior to employment