Bill > SJM12

This Joint Memorial requests the State Treasurer to establish a Retirement Income Security Task Force to address the significant retirement savings deficit in New Mexico, where many private-sector employees lack access to employer-sponsored retirement plans, such as a 401(k). The task force will study the issue, identify options and processes for creating a retirement savings vehicle for these workers, and consult with experts like AARP New Mexico. Its responsibilities include determining the number of employees and employers without retirement plans, analyzing the best model for a statewide plan, developing participation criteria, assessing costs to the state and employers, and evaluating the plan's economic impact. The task force will also explore other ways to increase retirement security and report its findings and recommendations to a legislative committee by November 1, 2017. The task force will be composed of representatives from the legislature, various state agencies, and organizations like AARP New Mexico, as well as appointees from the business community, non-profits, and labor unions.