PERA At A Glance

Each year, PERA releases its Annual Comprehensive Financial Report (ACFR) to provide audited financials for our retirement plans. In addition, actuarial valuations are completed annually to provide information on the funded status of PERA’s funds. These reports allow our stakeholders to evaluate PERA’s financial condition and provide information on long-term liabilities.

This Snapshot provides a combined overview from these reports on investments, funding, membership, and economic impact to our members and New Mexico.

EXECUTIVE DIRECTOR'S MESSAGE

Dear PERA Members,

Since its inception in 1947, the Public Employees Retirement Association (PERA) has been a basis of reliable retirement security for New Mexico’s public employees. Over the years, PERA has made significant strides, evolving from its original structure into a robust and comprehensive retirement system.

Today, PERA operates as a 401(a) qualified governmental plan, governed by the New Mexico Public Employees Retirement Act. It offers 31 distinct coverage plans, two membership tiers, and serves 335 participating public employers. The system covers a wide range of public employees, including state, municipal, and county workers, as well as police officers, firefighters, judges, magistrates, legislators, and volunteer firefighters.

With approximately 57,616 active members and 48,303 retirees and beneficiaries, PERA remains a significant economic force in the state. In FY 2024, approximately 90% of the $1.47 billion in retirement benefits paid out went to retirees living in New Mexico. The average annual pension for PERA retirees in 2024 was $33,173, demonstrating the program’s continued commitment to supporting its members and their families.

PERA continues to preserve, protect and administer the PERA Trust Fund to meet its current and future obligations, while offering one of the best retirement benefits in the country. Thank you to all our members and public employers as we look forward to continuing to serve you.

Greg Trujillo
Executive Director

Greg Trujillo, Executive Director

2024 IN REVIEW

Facts and Figures for the PERA Fund as of June 30, 2024

NET RATE OF RETURN
8.66%
MEMBERS ACTIVELY CONTRIBUTING TO PERA
49,816
EMPLOYERS
335
FUNDED STATUS
67.20%
RETIREES AND BENEFIT RECIPIENTS
46,026
ANNUAL RETIREMENT BENEFIT PAYMENTS
$1,445,275,717
DIVISION TRUST FUNDS
30-YEAR RATE OF RETURN
7.37%
(ANNUALIZED, NET-OF-FEES)

Investments

The Board and PERA employees are obligated to act in the exclusive interest of PERA members, retirees, and beneficiaries with the primary objective of prudently investing assets in order to meet its statutory obligations to its members. Strategic asset allocation is the most significant factor influencing the Fund’s ability to meet or exceed the Board adopted actuarial rate of return and funding goals over the long term. This is implemented through diversifying the portfolio across asset categories to avoid excessive exposure to any one source of risk. The investment portfolio income is a significant source of revenue for PERA and contributes approximately 35% of the annual benefit payments for Fiscal Year 2024.

Investment Expenses

PERA currently utilizes external investment management to ensure its investment program is implemented in a cost-effective manner. For Fiscal year 2024, PERA paid 46 basis points (or 0.46%) on the net asset value of the total fund for asset management services. The fee is paid to manage a multi-billion-dollar, multi-asset portfolio with the objective of maximizing total return within prudent risk parameters to meet current and future statutory obligations to PERA members.

Rates of Return Over 10 Years (Net-of-Fees)

Asset Allocation

The graph below shows the percentage of PERA’s investment asset allocation by asset class.

Funding

PERA continues to preserve, protect and administer the Trust to meet it current and future obligations by offering one of the best retirement benefits in the country.

PERA UNFUNDED LIABILITY
$8,713,748,384
FUNDED STATUS
67.20%
MAGISTRATE UNFUNDED LIABILITY
$31,112,560
FUNDED STATUS
52.40%
JUDICIAL UNFUNDED LIABILITY
$94,075,227
FUNDED STATUS
56.10%
Legislative Unfunded Liability
$2,904,853
FUNDED STATUS
94.30%
VOLUNTEER FIREFIGHTER SURPLUS
$36,884,230
FUNDED STATUS
172.20%

Membership

New Mexico PERA membership is divided into three categories: retirees and benefit recipients, who are receiving a PERA benefit, active members who are currently working for a PERA employer and contributing to PERA, and inactive members who are no longer working for a PERA employer but still have a PERA account.

Membership by Division

Hover to show breakdowns by division.

Retirement Benefits at a Glance

All Members

48,303
Retirees
69.87
Average Age
$33,173
Average Annual Benefit

State General

21,070
Retirees
71.17
Average Age
$30,690
Average Annual Benefit

State Police & Corrections

1,844
Retirees
65.1
Average Age
$35,235
Average Annual Benefit

Municipal General

16,474
Retirees
69.85
Average Age
$27,873
Average Annual Benefit

Municipal Police

4,311
Retirees
62.52
Average Age
$42,440
Average Annual Benefit

Municipal Fire

2,327
Retirees
64.3
Average Age
$45,174
Average Annual Benefit

Legislative

214
Retirees
76.64
Average Age
$12,173
Average Annual Benefit

Judicial

221
Retirees
74.14
Average Age
$63,023
Average Annual Benefit

Magistrate

125
Retirees
72.91
Average Age
$40,214
Average Annual Benefit

Volunteer Fire Fighter

1,717
Retirees
72.2
Average Age
$1,739
Average Annual Benefit

Financials

PERA receives contributions as a percentage of payroll from active employees and employers and invests the money in a diversified investment portfolio. At retirement, members will receive a lifetime monthly benefit from PERA. The financials at a glance shows the inflows (contributions, investment income) and outflows (benefits paid, plan administration costs) during the year, and the net assets available to pay future benefit payments.

Financials at a Glance for the PERA’s Defined Benefit Plans

Total Defined Benefit

Employer Contributions $528,587,424
Nonemployer Contributions (State Appropriations) $3,150,000
Member Contributions $422,498,499
Purchased Service $9,451,232.00
Net Investment Income $1,352,491,760
Other $2,335,290


Deductions

Benefit Payments $1,467,031,364
Refunds of Contribution Accounts $52,844,378
Administrative $16,607,832

Net Position as of June 30, 2024: $17,607,110,954

Economic Impact

PERA retirement benefit payments represent a steady stream of income in every county in New Mexico, and provide stability to state, regional, and local economies. In Fiscal Year 2024, PERA paid over $1.47 billion in pension benefits, and, of that, $1.32 billion was paid to PERA retirees living in New Mexico.

Benefits Paid by County

Additional Resources

This snapshot is derived from information contained in the Annual Comprehensive Financial Report (ACFR) for the year ended June 30, 2024, but does not contain detailed financial information by plan, nor is it presented in a manner to conform to Generally Accepted Accounting Principles (GAAP).

View the Popular Annual Financial Report

View the Annual Comprehensive Financial Report (ACFR)

View the Retirement Fund Valuation Reports