New Mexico’s defined benefit retirement system is massively underfunded. It has gotten that way due to politicians’ undue generosity towards government workers and their lack of will to dedicate revenues towards pension payments. Moody and Warcholik analyze the issue in their new policy paper which is available here.

Are Temporary, Regressive Tax Hikes The Best We Can Do?
The Government “Gravy Train”: An Analysis of New Mexico’s Private versus Public Sector Employment and Compensation (Updated)