Bill > HB166

This bill amends the New Mexico Work and Save Act to make several changes. The key provisions of the bill are: 1. It defines a "covered employee" as someone who earns taxable income in New Mexico for at least 180 days and is employed either full-time or part-time by a covered employer, with some exceptions. 2. It requires employers with 5 or more employees that do not offer a qualified retirement plan to participate in the New Mexico Work and Save IRA program, which allows for automatic enrollment of employees in Roth individual retirement accounts unless they opt out. 3. It prohibits the state, the board, and participating employers from having any proprietary interest in the contributions or earnings of the program participants. 4. It requires the program to keep total fees and expenses at a reasonable level, as determined by the board through rules that are reviewed annually. 5. It appropriates $250,000 from the general fund to the Office of the State Treasurer to fund two additional full-time-equivalent positions to administer the provisions of the Act. 6. The bill's provisions take effect on July 1, 2023.

Military Affairs and Security

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=166&year=23