summary
Introduced
01/31/2022
01/31/2022
In Committee
02/07/2022
02/07/2022
Crossed Over
Passed
Dead
02/17/2022
02/17/2022
Introduced Session
2022 Regular Session
Bill Summary
AN ACT RELATING TO PRIVATE SECTOR RETIREMENT; CREATING THE RETIREMENT SAVINGS FACILITATION INCOME TAX CREDIT; CLARIFYING CERTAIN DEFINITIONS IN THE NEW MEXICO WORK AND SAVE ACT; REQUIRING CERTAIN EMPLOYERS TO REGISTER AS PARTICIPATING EMPLOYERS AND TO AUTOMATICALLY ENROLL THEIR EMPLOYEES IN THE NEW MEXICO WORK AND SAVE INDIVIDUAL RETIREMENT ACCOUNT PROGRAM; ALLOWING EMPLOYEES TO OPT OUT OF AUTOMATIC ENROLLMENT; ALIGNING PROVISIONS OF THE NEW MEXICO WORK AND SAVE ACT TO ENABLE THE FORMATION OF AN AUTO-IRA PARTNERSHIP WITH ONE OR MORE OTHER STATES; MAKING AN APPROPRIATION.
AI Summary
This bill creates the Retirement Savings Facilitation Income Tax Credit, which provides a tax credit of up to $300 to businesses that are registered as marketplace participants or participating employers under the New Mexico Work and Save Act and do not already offer an employer-sponsored retirement plan. The bill also amends the New Mexico Work and Save Act to require certain employers to register as participating employers, automatically enroll their employees in the New Mexico Work and Save Individual Retirement Account (IRA) Program, and allow employees to opt out. Additionally, the bill aligns the Act's provisions to enable the formation of an auto-IRA partnership with one or more other states, and makes an appropriation to fund additional positions to administer the Act.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (2)
Last Action
Action Postponed Indefinitely (on 02/07/2022)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=176&year=22 |
| BillText | https://www.nmlegis.gov/Sessions/22%20Regular/bills/house/HB0176.pdf |
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