New Mexico · Free tool
New Mexico ERB Pension Calculator
The New Mexico Educational Retirement Board (ERB) calculates your pension as your final average salary multiplied by your years of service credit multiplied by a benefit factor. The factor is 2.35% for members in Tiers 1 through 3. Enter your numbers below for an estimate.
Enter your numbers. The percentage is pre-filled with the New Mexico ERB 2.35% factor; Tier 4 members hired on or after July 2019 should adjust it for their graduated rate.
The ERB factor is 2.35% per year of service credit for Tiers 1 through 3 (hired before July 1, 2019). Tier 4 members use a graduated factor reaching 2.4% on service past 30 years. Final average salary is the average of your highest consecutive five years. Confirm your numbers with NMERB.
Your estimated New Mexico ERB pension
Updates as you type.
Educational estimate only, not financial advice. Uses a simplified New Mexico ERB formula and your inputs; your real benefit varies by tier, service credit, age, and salary rules.
How the New Mexico ERB formula works
ERB applies a 2.35% factor for members in Tiers 1, 2, and 3, who were hired before July 1, 2019. Your benefit is your final average salary multiplied by your total years of service credit multiplied by 2.35%. The calculator above defaults to that factor, which fits most current retirees.
Members hired on or after July 1, 2019 fall under Tier 4, which uses a graduated factor that steps up every ten years of service and reaches 2.4% on service beyond 30 years; adjust the percentage if that is you. Final average salary is the average of your highest consecutive five years of salary. Most New Mexico educators also pay into Social Security, so your ERB pension is one of two retirement income streams. Use the full Teacher Retirement Calculator to combine your pension with your 403(b)/457(b) and Social Security, or read what the WEP and GPO repeal means for teachers.
Questions
How is a New Mexico ERB pension calculated?
ERB multiplies your final average salary by your years of service credit by a 2.35% factor for Tiers 1 through 3. For example, 30 years at a $65,000 final average salary gives 2.35% × $65,000 × 30 = $45,825 per year. Final average salary is the average of your highest consecutive five years.
What is the New Mexico ERB multiplier?
It is 2.35% per year of service credit for members in Tiers 1, 2, and 3 (hired before July 1, 2019). Tier 4 members hired on or after July 1, 2019 use a graduated factor that steps up every ten years and reaches 2.4% on service beyond 30 years.
Do New Mexico teachers get Social Security?
Yes. Most New Mexico educators pay into Social Security in addition to their ERB pension, so your retirement income combines both. Use the full retirement calculator to add your Social Security estimate to your ERB pension.