Section 58-33-11.1 – Board and state not guarantors.
The board, each board member and the state shall not guarantee any rate of return or interest rate on any contribution made by a New Mexico work and save IRA program participant or New Mexico retirement plan marketplace participant. History: Laws 2021, ch. 46, § 10. ANNOTATIONS Effective dates. — Laws 2021, ch. 46 contained […]
Section 58-33-12 – Annual report.
The board shall prepare an annual report on the operation of the New Mexico work and save IRA program and the New Mexico retirement plan marketplace and shall provide the report to the governor, the state treasurer and appropriate legislative interim committees and shall make the report available to all program participants, participating employers and […]
Section 58-33-5 – Confidentiality of participant and account information; application of other laws.
A. Information obtained by the board that is proprietary or information about covered employees or participants in the New Mexico retirement plan marketplace is confidential and not subject to inspection pursuant to the Inspection of Public Records Act [Chapter 14, Article 3 NMSA 1978]. B. Individual account information of New Mexico work and save program […]
Section 58-33-6 – Executive director; powers and duties.
A. The executive director of New Mexico work and save may: (1) hire, fire and recommend to the board compensation for staff, as needed; and (2) contract for legal, fiscal, investment and other expert advisors and service providers, none of whom shall be board members and all of whom shall serve at the pleasure of […]
Section 58-33-7 – Board and board employee requirements and prohibitions; conflicts of interest.
A. Board members and employees of the board shall comply with the Gift Act [Chapter 10, Article 16B NMSA 1978], the Governmental Conduct Act [Chapter 10, Article 16 NMSA 1978], the Open Meetings Act [Chapter 10, Article 15 NMSA 1978] and any other applicable state or federal laws. B. Board members and employees of the […]
Section 58-33-8 – New Mexico retirement plan marketplace.
A. The board shall provide for the design and implementation of the New Mexico retirement plan marketplace website. The New Mexico retirement plan marketplace will be hosted on and accessible online through the New Mexico work and save platform that provides covered employers and employees with access to financial service providers that have been approved […]
Section 58-33-9 – New Mexico work and save IRA program; created; implementation.
A. The New Mexico work and save IRA program developed by the board under the New Mexico Work and Save Act shall: (1) facilitate the establishment of individual retirement accounts for program participants that are administered and managed by board-approved financial service providers; (2) provide that a covered employer may voluntarily choose to participate in […]
Section 58-33-10 – Policies and procedures for the New Mexico work and save IRA program.
The board shall promulgate rules to implement the New Mexico work and save IRA program that: A. establish the processes by which a covered employer may choose to voluntarily enroll in the New Mexico work and save IRA program and become a participating employer; B. establish the processes for program participants to enroll in and […]
Section 58-33-11 – Protection for covered employers.
A. The New Mexico work and save IRA program is not an employer-sponsored plan. A covered employer does not bear responsibility for: (1) the decision by a covered employee to participate or not to participate in the New Mexico work and save IRA program; (2) the performance of a specific savings option selection made by […]
Section 58-32-902 – Hearings.
Except as otherwise provided in Subsection C of Section 205 [58-32-205 NMSA 1978], Subsection C of Section 304 [58-32-304 NMSA 1978], Subsection C of Section 404 [58-32-404 NMSA 1978] and Sections 803, 805 and 808 [58-32-803, 58-32-805, 58-32-808 NMSA 1978]of the Uniform Money Services Act, the director shall not suspend or revoke a license, place […]