The implementation deadline for the Land of Enchantment’s retirement plan marketplace and the state’s Work and Save IRA program has been extended to July 1, 2024.
Background
On Feb. 26, 2020, Gov. Michelle Lujan Grisham (D) signed the New Mexico Work and Save Act into law, creating the New Mexico Work and Save program. The measure gave the New Mexico Work and Save Board—the body that is to set up and oversee the program under the aegis of the state Treasurer’s office—until July 1, 2021 to put the New Mexico Retirement Plan Marketplace in place, and until Jan. 1, 2022 to make it available for covered employees to begin making contributions.
Pandemic’s Impact
According to the Legislative Finance Committee (LFC) for standing finance committees of the New Mexico legislature, the Work and Save Board reports that—largely because the pandemic delayed its work—it cannot meet the implementation timelines the New Mexico Work and Save Act set.
Subsequently, State Sen. Bill Tallman (D-Bernalillo) introduced SB 129, the Amending Work and Save Act. The Senate passed it in a 28-12 vote on March 2, 2021, and the House of Representatives followed suit on March 20 in a 54-16 vote. Grisham signed it into law on April 5.
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