Deferred Compensation

The PERA SmartSave Deferred Compensation Plan is a supplemental 457b retirement plan. It is a voluntary program that's intended to complement the mandated PERA retirement plan. 457b plans are designed for state, city, and county government employees as well as public school employees. 

The SmartSave Plan is a PERA-sponsored deferred compensation program - you defer paying taxes on that part of income you pay into your retirement savings. Investment earnings in the plan are also tax deferred.

NM PERA contracts with a third party administrator which provides recordkeeping, custody bank and outreach services. The plan also contracts with an investment consultant which provides investment recommendations for the funds offered in the plan. In conjunction with the investment consultant, the PERA Board monitors the funds in the plan and has fiduciary oversight of the entire plan. 

There are currently over 21,300 participants in the PERA SmartSave Plan with about $600 million assets under management. Whether you are a new PERA member or nearing retirement, it is never too early or too late to start saving a little more for retirement.