When can I retire with PERA NM?

You can retire with the New Mexico Public Employees Retirement Association (PERA) once you meet specific age and service credit requirements as a General Plan Member.

To be eligible for retirement with PERA, General Plan Members must fulfill one of the following criteria:

• The Rule of 85: Your age at the time of retirement, when added to your total years of service credit, must equal 85 or more. You must also have a minimum of five years of service credit.
• Age 65 with Service Credit: You can retire once you reach age 65, provided you have at least five years of service credit.

These options ensure flexibility for members approaching retirement, allowing them to qualify based on a combination of age and time spent serving.

Understanding PERA NM Retirement Eligibility

Navigating retirement planning involves understanding the specific criteria set by your pension system. For General Plan Members of PERA NM, two primary paths lead to retirement eligibility: the Rule of 85 and reaching age 65 with sufficient service.

1. The Rule of 85

This rule is designed to offer flexibility, allowing you to retire earlier if you have more years of service credit. It's calculated by simply adding your age and your total years of service credit.

Key Requirements for the Rule of 85:

• Minimum Service Credit: You must have at least five (5) years of service credit.
• Combined Sum: Your current age + your years of service credit must equal 85 or more.

Examples of the Rule of 85:

• Scenario 1: If you are 50 years old and have 35 years of service credit (50 + 35 = 85), you are eligible.
• Scenario 2: If you are 58 years old and have 27 years of service credit (58 + 27 = 85), you are eligible.
• Scenario 3: If you are 60 years old and have 25 years of service credit (60 + 25 = 85), you are eligible.

This rule acknowledges that dedicated service over a long career can lead to earlier retirement.

2. Age 65 with Service Credit

This is a more straightforward path to retirement eligibility based purely on age and a minimum service period.

Key Requirements for Age 65 Eligibility:

• Minimum Age: You must be at least 65 years old.
• Minimum Service Credit: You must have at least five (5) years of service credit.

This option provides a clear benchmark for those who may not meet the Rule of 85 criteria but have reached a standard retirement age.

Summary of PERA NM Retirement Eligibility

The following table summarizes the primary retirement eligibility requirements for General Plan Members under PERA NM:

For more detailed information, including specific benefit calculations and application procedures, it is always recommended to consult official PERA NM resources, such as the PERA Retirement Kit.