2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 33 - New Mexico Work and Save › Section 58-33-8 - New Mexico retirement plan marketplace.

A. The board shall provide for the design and implementation of the New Mexico retirement plan marketplace website. The New Mexico retirement plan marketplace will be hosted on and accessible online through the New Mexico work and save platform that provides covered employers and employees with access to financial service providers that have been approved by the board to administer and maintain marketplace participant investment accounts. In developing and implementing the New Mexico retirement plan marketplace, the board may work in concert with other states or private or nonprofit entities offering an online marketplace similar to the New Mexico retirement plan marketplace website.
B. In establishing the New Mexico retirement plan marketplace, the board shall:
(1) design the New Mexico retirement plan marketplace as a website accessible online through the New Mexico work and save platform to connect employers and individuals with retirement savings plans, ensuring that the design does not favor a particular kind of service provider or business model;
(2) establish requirements for financial service providers that participate in the marketplace and for plans offered on the marketplace;
(3) develop marketing, outreach and educational materials; and
(4) promote the benefits of retirement savings and financial literacy.
C. The board shall provide public notice of the process for inclusion on the New Mexico retirement plan marketplace website before the website becomes publicly available. The marketplace shall be available to the public before the board opens the New Mexico work and save IRA program for enrollment, and the marketplace website address shall be included on any internet website posting or other materials regarding the New Mexico work and save IRA program. The board shall allow all financial service providers that meet the requirements established by the board to participate in the New Mexico retirement plan marketplace. In addition, the board shall not exclude, by policy or otherwise, a retirement plan or option within a plan that meets the requirements of the board and is otherwise allowed under federal or state law, including plan design options that are selected by the employer.
D. Participation in plans offered on the New Mexico retirement plan marketplace is voluntary for covered employers and employees; provided that an employer that offers a retirement plan through the New Mexico retirement plan marketplace may use automatic enrollment and automatic escalation of contributions but shall allow an employee opt-out option.
E. The New Mexico retirement plan marketplace may offer an array of private retirement plan options, including a:
(1) simple individual retirement-type plan;
(2) payroll deduction individual retirement-type plan;
(3) multiple-employer plan, if allowed under federal law; and
(4) plan described in Section 401(a) or 403(b) of the Internal Revenue Code.
F. The New Mexico retirement plan marketplace shall offer a financial literacy module for employers and employees.
G. The New Mexico retirement plan marketplace shall allow, but shall not require, the availability within approved plans of distribution options that provide income in retirement, including systematic withdrawal programs, guaranteed lifetime withdrawal benefits and annuities.
H. The board shall establish administrative fees for financial service providers that participate in the New Mexico retirement plan marketplace. The fees shall be sufficient to cover the actual cost of maintaining the New Mexico retirement plan marketplace.
History:
Laws 2020, ch. 7, § 8; 2021, ch. 46, § 5.
ANNOTATIONS
Cross references.
— For Section 401(a) or 403(b) of the Internal Revenue Code,
see
26 U.S.C. §§ 401(a) or 403(b).
The 2021 amendment,
effective June 18, 2021, required the New Mexico work and save board to provide for the design and implementation of the New Mexico retirement plan marketplace website; in Subsection A, added the first two sentences, and after "in concert with other states", added "or private or nonprofit entities"; in Subsection B, added "In establishing the New Mexico retirement plan marketplace", in Paragraph B(1), after "website", added "accessible online through the New Mexico work and save platform", in Paragraph B(3), after "marketing", added "outreach and educational"; in Subsection C, after each occurrence of "New Mexico work and save", added "IRA program"; and redesignated former Subsections E through I as Subsections D through H, respectively.
Temporary provisions.
— Laws 2021, ch. 46, § 11 provided that the New Mexico work and save board shall implement the New Mexico retirement plan marketplace and the New Mexico work and save IRA program on or before July 1, 2024.