New Mexico Equity Compensation Plan
Description
How to fill out Equity Compensation Plan?
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FAQ
For TIER 1 members Final Average Salary (FAS) is the average of the highest 36 consecutive months of salary earned during your PERA career. For TIER 2 members Final Average Salary (FAS) is the average of the highest 60 consecutive months of salary earned during your PERA career.
What is the 457(b) retirement plan? Your Voluntary 457(b) retirement plan is offered through New Mexico Public Employees Retirement Association (PERA), and contributions are taken from your paycheck on a before-tax or after-tax (Roth) basis*.
PERA is a 401(a) qualified government plan governed by the New Mexico Public Employees Retirement Act. A public employer affiliated with PERA must deduct employee contributions each pay period from the employee's wages. These contributions are paid into the PERA member contribution fund.
Do you know what Total Compensation is? Total Compensation is the value of both the benefits and the salary you receive once employed by the State of New Mexico. Total Compensation simply means all forms of cash compensation and the dollar value of employer sponsored benefits.
On July 28, 2023 (payday for the first full pay period in July), State of New Mexico employees who have completed their probationary period and have received an overall final rating of ?Achieves Performance Standards? or higher on their last evaluation will get a 6% cost of living adjustment (COLA).
The State of New Mexico Deferred Compensation Plan is a 457(b) defined contribution plan. The Plan is administered by Nationwide Retirement Solutions and is available to eligible employees. It is a voluntary, supplemental, tax-deferred retirement program.
Yes, you may borrow a loan from your deferred comp balance.
The type of life insurance offered in your 457 Plan builds substantial cash values over a lifetime, but it is not an investment. The cash value is an added benefit.
