New Mexico Employee Retirement Agreement
Description
How to fill out Employee Retirement Agreement?
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FAQ
Rule of 75 This rule states that you must be a minimum of 55 years of age and have a minimum of 10 years of continuous full-time service; if you meet both minimums, then the total of your age and years of service must equal at least 75.
If you are at least 67 years old and have five or more years of earned service credit, you are eligible for retirement.
The rule of 25 says you need to save 25 times your annual expenses to retire. To get this number, first multiply your monthly expenses by 12, and then you'll have your annual expenses. You then multiply that annual expense by 25 to get your FIRE number, or the amount you'll need to retire.
Rule of 70: the employee's age plus years of continuous, full-time service equal 70 or more, and the employee is at least age 55, with at least ten years of continuous, full-time service.
When you are eligible to retire, you receive a gross monthly, lifetime benefit that is currently based on the following formula: Final Average Salary (FAS) x Years of Service x 2.35% pension factor (Tiers 1 thru 3)= Gross Annual Benefit.
The current Modified rule of 75 reads: Age and service must equal 75, and you must be a minimum of 50 years old with one exception ? you qualify for retiree benefits when you have 30 years of net credited service at any age. Here's how it maps out: You qualify if you are: 50 years old with 25 years of service.
What is My Pension Based On? the member's PERA career for a TIER 1 member, and the monthly average of the highest 60 consecutive months of salary earned during a member's PERA career for a TIER 2 member. career. Generally, PERA members can receive up to 90 percent of their final average salary in most coverage plans.
The Federal Reserve's most recent data reveals that the average American has $65,000 in retirement savings. By their retirement age, the average is estimated to be $255,200.