The New Mexico State Treasurer’s Office has announced that it is developing protocols by which financial service providers will be approved to offer retirement savings plans to individuals, small businesses and employees through the Work and $ave Retirement Plan Marketplace.
It is doing so on behalf of the New Mexico Work and $ave Board, the body that administers the Marketplace, which is an online platform through which individuals and private-sector employers can comparison shop for low-cost, low-barrier retirement savings options. The Treasurer’s Office has issued a request for information (RFI) for financial service providers and administrators. Responses must be received by Jan. 18, 2022.
Gov. Michelle Lujan Grisham (D) signed the New Mexico Work and Save Act into law on Feb. 26, 2021. The Work and Save Program covers individuals who are at least 18 years old and who are employed in the private sector or by nonprofits, either full time or part time, or are self-employed as a sole proprietor or an independent contractor. Through the program, employees’ payroll deductions will be invested in Roth IRAs.
The act also created the web-based Work and $ave Retirement Plan Marketplace, which is intended to connect employers and individuals with retirement savings plans and to serve as a means for employers to make more than the program available to their employees.
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