A. The "New Mexico work and save board" is created and is administratively attached to the office of the state treasurer. The office of the state treasurer shall provide administrative support for the board in carrying out its duties pursuant to the New Mexico Work and Save Act.
B. The board consists of the following voting members:
(1) two members appointed by the state treasurer as follows:
(a) one member who has skill, knowledge and experience in the field of retirement saving and investments; and
(b) one member who has skill, knowledge and experience in retirement investment products or retirement plan designs;
(2) three members appointed by the governor as follows:
(a) one member who is a representative of an association representing employees;
(b) one member who is a representative of small businesses; and
(c) one member who is a representative of the interests of program participants;
(3) two members appointed by the speaker of the house of representatives as follows:
(a) one member who is a representative of the interests of program participants; and
(b) one member who has skill, knowledge and experience in the field of retirement saving and investments; and
(4) two members appointed by the president pro tempore of the senate as follows:
(a) one member who is a representative of the interests of program participants; and
(b) one member who has skill, knowledge and experience in the field of retirement saving and investments.
C. A majority of the board constitutes a quorum. Action may be taken by the board upon an affirmative vote of the majority of members present at the meeting at which a quorum is present. A vacancy in the membership of the board does not impair the right of a quorum to exercise the powers and duties of the board.
D. The appointing authorities shall appoint the first members of the board for staggered terms so that the state treasurer appoints one member for two years and one member for four years, the governor appoints two members for two years and one member for four years, the speaker of the house of representatives appoints one member for two years and one member for four years and the president pro tempore of the senate appoints one member for two years and one member for four years. Thereafter, members of the board shall be appointed for four-year terms.
E. A board member shall be eligible for reappointment, provided that a board member shall not serve more than three full terms, consecutive or otherwise. Members shall serve until their successors have been appointed. If there is a vacancy for any reason, the appointing authority shall appoint a qualified person to fill the unexpired term.
F. The appointing authority may remove a member of the board that it has appointed for neglect of a duty required by law, for incompetency, for malfeasance or for unprofessional conduct.
G. Board members shall receive no salary for their service as board members but shall receive per diem and mileage pursuant to the Per Diem and Mileage Act [10-8-1 to 10-8-8 NMSA 1978].
History: Laws 2020, ch. 7, § 3.
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.