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New Mexico House Passes Public Pension Bill

SANTA FE, N.M. -The New Mexico House has approved a proposal aimed at shoring up New Mexico's overextended pension fund for about 110,000 state and local government workers and retirees. 

The lower chamber voted 40-28 to send the bill back to Democrat-controlled Senate.

The Senate passed a similar measure but must reexamine the proposal after it was amended. The effort is backed by Democratic Gov. Michelle Lujan Grisham.

The bill seeks to address concerns about $6.6 billion in unfunded liabilities that are weighing down the credit rating of the state and its largest city and driving up borrowing costs.