A. New Mexico work and save is not an employer-sponsored plan. A covered employer does not bear responsibility for:
(1) the decision to participate or not to participate in New Mexico work and save by a covered employee;
(2) a specific election under New Mexico work and save made by a program participant;
(3) investment decisions made by a program participant or the board;
(4) the administration, investment, investment returns or investment performance of New Mexico work and save, including interest rate or other rate of return on a contribution or Roth individual retirement account balance;
(5) the design or administration of New Mexico work and save or the benefits paid to program participants;
(6) a program participant's awareness of or compliance with the conditions and other provisions of the tax laws that determine which persons are eligible to make tax-favored contributions to individual retirement accounts, in what amount and in what time frame and manner; or
(7) loss, failure to realize gain or other adverse consequences, including adverse tax consequences or loss of favorable tax treatment, public assistance or other benefits incurred by a program participant as a result of participating in New Mexico work and save.
B. No covered employer shall be or shall be considered to be a fiduciary under New Mexico work and save.
History: Laws 2020, ch. 7, § 11.
ANNOTATIONSEffective dates. — Laws 2020, ch. 7 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 20, 2020, 90 days after adjournment of the legislature.
Temporary provisions. — Laws 2020, ch. 7, § 13 provided:
A. The New Mexico retirement plan marketplace shall be implemented no later than July 1, 2021.
B. New Mexico work and save shall be implemented so that covered employees may begin contributing to New Mexico work and save no later than January 1, 2022.