Educational Retirement Board (ERB)


The Educational Retirement Board (ERB) is a defined benefit plan. The benefit received upon retirement is defined by a prescribed formula based on years of service and an employee's age that may only be altered by the New Mexico State Legislature.

As of July 1, 1971, University employees are required by New Mexico State law to participate in the Educational Retirement System. The following categories of employees are excluded from this requirement:
  • employees working .25 FTE (full-time equivalent) or less annually;
  • faculty working during Summer Session only;
  • student employees;
  • graduate assistants;
  • teaching assistants; and
  • working retirees.

Please visit NMERB website for questions regarding your account.

  • Participation to the ERB plan is mandatory for full time employee
  • Enrollment to the ERB plan is automatic
  • You cannot borrow money from this plan
  • You need to fill out a "Request for Refund and/or Rollover" form
  • When separating from UNM employees have three options for their retirement money:
    1. The employee can elect to have a distribution of the funds. 20% is taken out for taxes and an additional 10% is taken out if the employee is under the age of 59 1/2.
    2. The employee can elect to have the funds rolled over to an IRA or an equally qualified plan. There are no penalties for this action.
    3. The employee can leave the money in the ERB Retirement fund if they are planning on coming back to UNM, working some place within New Mexico that has ERB, or are undecided what they want to do with their funds.
  • Member Information of the refund/rollover form needs to be filled out by the employee. The employee will sign the Member Authorization section. If you have five or more years of NMERB service (vested) and are married, your spouse must complete the Spousal Consent section of this form in the presence of a notary public. The UNM Payroll Department signs the Employer Certification section if the employee fills out the refund/rollover form within 90 days of their separation date. Payroll will mail the refund/rollover form to ERB once the employee is completely separated from UNM and has received all payments. If the employee fills out the refund/rollover form past 90 days of their separation date they can mail the form directly to ERB without needing a signature in the Employer Certification section.