PERA MEMBER HANDBOOK - New Mexico State Judiciary

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Form of Payment Example The following example shows the effect of selecting form of payment A, B or C for a PERA member retiring under State General Plan 3 based upon these criteria: • Retiree’s age - 60 • 25 years of service credit • A final average salary of $2,546 • Beneficiary’s date of birth and age at the time of member’s retirement - Age 59 Form of Payment Options Option A - Straight Life With No Beneficiary = $1,909 Member Pension Benefit Option B - Option C - Joint Survivor, 100% = $1,585 Member Pension Benefit and $1,585 Beneficiary Survivor Benefit Joint Survivor, 50% = $1,732 Member Pension Benefit and $866 Beneficiary Survivor Benefit The Reciprocity Act Service credit earned under the different retirement systems in New Mexico may be used to count toward retirement eligibility. Even though you are using service credit from other retirement systems [Educational Retirement Act (ERA), the Judicial Retirement Act (JRA) or the Magistrate Retirement Act (MRA)], the service credit you earned under each system will be calculated using the formula for that system and you may not receive your whole pension amount at the time of retirement. When you qualify to receive the reciprocal portion, you will see the increase reflected in your pension check. When you are retiring with reciprocity service, you retire under the state system of your last employer. So if you worked for an ERA employer in the past and now you are working for a PERA employer, you would be retiring with PERA. Whenever you contact PERA to review your account or provide a calculation for retirement or the purchase of service credit, it is important to notify PERA of all the service credit you may have. This will allow PERA to contact ERA to verify your service credit and include your ERA service credit in all the calculations. If you have service credit under more than one PERA coverage plan or under ERA, JRA or MRA, you should be aware that different provisions regarding service credit apply. Subject to certain statutory restrictions, the Reciprocity Act allows PERA members to 34 PERA Member Handbook
use service earned under ERA, JRA and MRA as well as that earned under PERA in determining retirement eligibility and calculating pension benefits. Any PERA member who was employed under two or more of these Acts should contact PERA to determine his or her eligibility for reciprocal service credit under this Act. PERA Member Handbook 35
Page 1 and 2: PERA MEMBER HANDBOOK General Inform
Page 3 and 4: Working together to put the pieces
Page 5 and 6: Table of Contents Welcome .........
Page 7 and 8: Welcome Welcome to PERA, New Mexico
Page 9 and 10: PERA Contact Information - Albuquer
Page 11 and 12: PERA Provided Benefits PERA is a de
Page 13 and 14: Contribution Rates and Pension Fact
Page 15 and 16: SERVICE CREDIT TABLE FOR PERA PLANS
Page 17 and 18: Intervening Uniformed Service occur
Page 19 and 20: Survivor Pensions If a member dies
Page 21 and 22: RIO Self Service Online Account Inf
Page 32 and 33: The Retirement Process D I V O R C
Page 34 and 35: • For any designated beneficiary
Page 36 and 37: Normal Retirement Eligibility Requi
Page 38 and 39: Form of Payment Options When you ap
Page 42 and 43: Disability Retirement General Condi
Page 44: The terms of an order dividing PERA
Page 47 and 48: Return To Work After Retirement As
Page 49 and 50: Direct Deposit PERA mails almost tw
Page 51: 1099R Information For all retirees
Page 56 and 57: PERA Sponsored Deferred Compensatio
Page 58 and 59: Contributions You can participate i
Page 60 and 61: Information About PERA G L I P E R
Page 62 and 63: PERA ID Number The PERA ID numbers
Page 64 and 65: M. “Police member” means any me
Page 66: Who Do I Call? … If I have questi
Page 69 and 70: NOTES _____________________________

PERA MEMBER HANDBOOK - New Mexico State Judiciary

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