New Mexico Work and $ave Seeks Program Administrator

The New Mexico State Treasurer’s Office for the New Mexico Work and Save Board on Dec. 19 issued a request for proposals (RFP) for program administrator services for the New Mexico Work and $ave Voluntary Payroll-Deduction IRA Program.

The RFP solicits sealed proposals to establish a contract through competitive negotiations for the procurement of program administrator services from vendors such as financial services providers with the expertise and ability to launch and manage a new state-facilitated IRA retirement savings program. The contactor chosen will provide all the necessary services to implement and operate the New Mexico Work and $ave IRA Program. 

The Program Administrator will be required to:

• implement and manage a superior IRA program for private-sector employees who lack access to employer-provided, tax-favored retirement plans;
• design simple and efficient enrollment and opt-out processes;
• offer IRA resources;
• provide a comprehensive marketing strategy and resources to reach employers and employees;
• provide seamless administration, recordkeeping, and compliance; and 
• provide responsive, accessible, and culturally competent customer service, at the lowest possible cost to participants.

Proposals are due on Tuesday, Dec. 27, 2022, at 4:00 pm Mountain Standard Time.

One year ago, on Dec. 30, 2021, the New Mexico State Treasurer’s Office had announced that it was 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. The Treasurer’s Office issued a request for information (RFI) for financial service providers and administrators.