Effective Date of Retirement

Effective dates of retirement are always on the first day of the month following the last date of employment or whenever ERB receives the retirement application, whichever comes later. For example, if the last day of work is December 15 and ERB has already received the retirement application, the retirement date is January 1.

The only exception is for those on a 9 or 10 month contract who terminate employment in May, the retirement date is July 1. For example, if a teacher terminates employment on May 15, then the retirement date is July 1.

Retirement applications should be submitted 60-90 days before the effective date of retirement.

 

Benefit Payments

 

Benefit payments are paid on the last business day the month. For example, a July 1 retiree will receive his or her first benefit payment on the last working day of July, assuming the member has met the paperwork deadlines. The first few payments will be an estimated amount since the actual earnings from your employer have not been reported to the ERB at the time of your first payment. After the actual earnings are reported, the benefit will be recalculated and adjusted as necessary. The member will be notified by mail if an adjustment has been made.

 

ERB pays benefits through direct deposit into the member's bank account. The electronic deposit has proven to be a much safer and faster way of conducting these transactions. The first benefit payment will be mailed to the mailing address on the second to last business day of the month. Thereafter the benefit payment will be directly deposited to the member's bank account on the last working day of each month.

 

For more information please see the ERB Member Handbook or email ERB-memberhelp@state.nm.us.