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.
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
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.
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.
The graph below shows the percentage of PERA’s investment asset allocation by asset class.
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.
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.
Hover to show breakdowns by division.
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.
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
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.
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