Plan Information - Tier 1

PERA of New Mexico administers over 30 different retirement plans for employees of State, City, County, and various other governmental entities in New Mexico.

Coverage PlanEmployee Contribution PercentageEmployer Contribution PercentagePension Factors per Year of ServicePension Maximum as a Percentage of the Final Average Salary
Annual Salary $20,000 or lessAnnual Salary greater than $20,000
State Plan 37.42%8.92%16.99%3.0%90%
Municipal Plan 1 (plan open to new employers)7.00%8.50%7.4%2.0%90%
Municipal Plan 2 (plan open to new employers)9.15%10.65%9.55%2.5%90%
Municipal Plan 3 (plan closed to new employers 6/95)13.15%14.65%9.55%3.0%90%
Municipal Plan 4 (plan closed to new employers 6/00)15.65%17.15%12.05%3.0%90%
Municipal Police Plan 17.00%8.50%10.40%2.0%90%
Municipal Police Plan 27.00%8.50%15.40%2.5%90%
Municipal Police Plan 37.00%8.50%18.90%2.5%90%
Municipal Police Plan 412.35%13.85%18.90%3.0%90%
Municipal Police Plan 516.30%17.80%18.90%3.5%90%
Municipal Fire Plan 18.00%9.50%11.40%2.0%90%
Municipal Fire Plan 28.00%9.50%17.90%2.5%90%
Municipal Fire Plan 38.00%9.50%21.65%2.5%90%
Municipal Fire Plan 412.80%14.30%21.65%3.0%90%
Municipal Fire Plan 516.20%17.70%21.65%3.5%90%
Municipal Detention Officer Plan 1*16.65%18.15%17.05%3.0%90%
State Police and Adult Correctional Officer Plan 1*7.60%9.10%25.50%3.0%90%
State Plan 3 - Peace Officer7.42%8.92%16.99%3.0%90%
Juvenile Correctional Officer Plan 24.78%6.28%26.12%3.0%90%