Educational Retirement Act Alternative Retirement Plan
Deadline to Choose Automatic unless you select ARP within 90 days.  No interest is accumulated during the 90-day election period. 90 days from appointment date
Contribution Levels

less then $20,000 a year   Employee: 7.9%
College: 11.65%

over $20,000 a year          Employee: 9.4%
College: 10.9%

Employee:  7.6%
College:  5.65
Vesting 5 years Immediate
Refunds Upon termination of employment, a lump sum distribution of employee's portion; annuity when eligible if vested with 5 years of service. Monthly income based on age and accumulation value.
Disability After 10 years of service. Monthly income based on age and accumulation value.
Death If vested, monthly annuity to beneficiary or lump sum distribution. Lump sum distribution of your account if requested.
Transfer   If you leave New Mexico and later become employed in another state, you may only transfer New Mexico accumulations between the New Mexico-approved carriers.  You can change ARP carriers once a year.  Accumulated assets can be transferred, depending on each carrier rules.
Enrollment Note:  Eligibility for ARP is voided if any previous contributions have been made to ERA, including temporary status just prior to regular status. You must return the "Selection of Participation":  in New Mexico Alternative Retirement Plan directly to Human Resources, Employee Benefits.  Section III is completed by Employee Benefits only.  *If you elect TIAA-CREF, you must attach a completed GRA enrollment form (included in the TIAA/CREF package).  *If you elect VALIC, a VALIC agent will contact you.
Phone Numbers ERB (505) 827-8030 TIAA-CREF 800-842-2009
VALIC 800-448-2542
Web Address www.era.state.nm.us www.tiaa-cref.org

Comparison of ERA and ARP Plans