Pension Payments (Retirement Benefits)

 

Retirement benefits are paid on the last working 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 you met your document deadline). Your first benefit is an actual check you'll receive by mail while a pre-note validation is sent to your bank. Checks are mailed out of Santa Fe on the second to last business day of the month.

If your pre-note has gone through, then your second benefit and those thereafter is directly deposited to your bank account on the last business day of the month. 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 - you will be notified by mail if an adjustment has been made.

ERB only pays benefits through direct deposit to banks or certain credit unions. The electronic deposit has proven to be a much safer and faster way of conducting these transactions.

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