Bill > HJM9

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 to develop a high-quality, low-cost plan that complies with federal laws and tax regulations. The task force will also analyze the costs and economic impact of such a plan, explore other ways to increase retirement security, and report its findings and recommendations to the legislature by November 1, 2017, aiming to prevent increased reliance on social safety net programs.