Chapter 58, Article 33 NMSA 1978 may be cited as the “New Mexico Work and Save Act”. History: Laws 2020, ch. 7, § 1; 2021, ch. 46, § 1. ANNOTATIONS Temporary provisions. — Laws 2020, ch. 7, § 13 provided: A. The New Mexico retirement plan marketplace shall be implemented no later than July 1, […]
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 […]
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 […]
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 […]
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 […]
As used in the New Mexico Work and Save Act: A. “board” means the New Mexico work and save board; B. “board member” means a member of the board; C. “covered employee” means a person who is at least eighteen years of age and who is employed by a covered employer, either full time or […]
A. The “New Mexico work and save board” is created and is administratively attached to the office of the state treasurer. The office of the state treasurer shall provide administrative support for the board in carrying out its duties pursuant to the New Mexico Work and Save Act. B. The board consists of the following […]
A. The board shall not directly or indirectly manage or maintain the funds or accounts of a program participant. The board shall contract with appropriate financial service providers to manage and maintain the funds and accounts of a program participant. B. In carrying out its duties to achieve the goals and objectives of the New […]
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 […]
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 […]
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 […]
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 […]
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 […]
