The preliminary draft rules linked below are only drafts of rules proposed to govern the General Provisions, Definitions, and the Retirement Plan Marketplace; they are not final. The preliminary draft rules are being circulated to stakeholders for review and input before final rules are formally adopted by the New Mexico Work and $ave Board.
Background
In 2020, the New Mexico legislature enacted House Bill 44, creating the New Mexico Work and Save Act, codified at NMSA 1978 Sections 58-33-1 to 58-33-12. Pursuant to the Act, the New Mexico Work and Save Board (the Board) must design, implement, and oversee two private-sector retirement programs: 1) the Retirement Plan Marketplace and 2) the payroll-deduction IRA Program.
The Retirement Plan Marketplace (Marketplace) will be a web-based “retail” site intended to function as an easy, one-stop shop for small businesses seeking to start a retirement plan for their employees. The Marketplace will provide a selection of 401(k) and other Board approved retirement plans that employers can compare and evaluate to find a plan that works best for their business.
Purpose of Rules*
- The preliminary draft Marketplace rules will provide the processes for the Board to implement and govern the Marketplace.
- The General Provisions rules will govern the Board’s general operation of the two private-sector retirement programs and the application of the provisions of the Act.
- The Definitions rules will govern how the board defines terms that are not defined in the Act.
*Please note, draft IRA Program rules have not yet been developed and are not linked below.
Why the Board is Seeking Your Input
Your input will help the Board identify and understand questions or concerns that you and others may have about the rules intended to govern the programs. Your input will assist the Board in creating concise and user-friendly proposed rules before launching the official review process and adopting final rules.
Please email your written comments or questions to the New Mexico Work and $ave Board, care of Maria Spray, at Maria.Spray@sto.nm.gov no later than 5 p.m. on by November 11, 2022.
The Board will review all written comments and may make changes to the preliminary draft rules accordingly. Thank you for your time.
Preliminary Draft Rules: General Provisions