2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 33 - New Mexico Work and Save › Section 58-33-7 - Board and board employee requirements and prohibitions; conflicts of interest.

A. Board members and employees of the board shall comply with the Gift Act [Chapter 10, Article 16B NMSA 1978], the Governmental Conduct Act [Chapter 10, Article 16 NMSA 1978], the Open Meetings Act [Chapter 10, Article 15 NMSA 1978] and any other applicable state or federal laws.
B. Board members and employees of the board shall not:
(1) directly or indirectly have any interest in an investment of the New Mexico work and save IRA program or in gains or profits accruing from that investment, other than as program participants;
(2) borrow New Mexico retirement plan marketplace or New Mexico work and save IRA program-related funds or deposits or access and use those funds or deposits for personal gain or as agents or partners of others; or
(3) become endorsers, sureties or obligors on investments made pursuant to the New Mexico Work and Save Act.
C. If a board member or employee of the board has an interest, either direct or indirect, in a contract to which the New Mexico retirement plan marketplace or the New Mexico work and save IRA program is or is to be a party, that interest shall be disclosed to the board in writing and shall be set forth in the minutes of the board. The board member or employee having that interest shall not participate in an action by the board with respect to that contract.
D. Board members and employees of the board shall act as fiduciaries with respect to the design, implementation and oversight of the New Mexico retirement plan marketplace and the New Mexico work and save IRA program, acting solely in the best interests of the program participants and for the exclusive purpose of providing benefits to program participants and administering the marketplace and the IRA program with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with those matters would use in the conduct of an enterprise of a like character and with like aims.
History:
Laws 2020, ch. 7, § 7; 2021, ch. 46, § 4.
ANNOTATIONS
The 2021 amendment,
effective June 18, 2021, provided that the New Mexico work and save board and employees of the board shall act as fiduciaries with respect to the design, implementation and oversight of the New Mexico retirement plan marketplace, required board members and employees of the board to comply with any applicable state or federal laws, prohibited board members and employees of the board from borrowing New Mexico retirement plan marketplace or New Mexico work and save IRA program funds, and required board members and employees of the board to disclose certain conflicts of interest; in Subsection A, after "Open Meetings Act", added "and any other applicable state or federal laws"; in Subsection B, Paragraph B(1), after "New Mexico work and save", added "IRA program", in Paragraph B(2), after "borrow", added "New Mexico retirement plan marketplace or", after "New Mexico work and", deleted "save-related" and added "save IRA program-related"; in Subsection C, after "a contract to which", added "the New Mexico retirement plan marketplace or the", and after "New Mexico work and save", added "IRA program"; and in Subsection D, after "with respect to the", added "design, implementation and oversight of the", after "New Mexico work and save", added "IRA program", and after "administering the", added "marketplace and the IRA".