A. The executive director of New Mexico work and save may:
(1) hire, fire and recommend to the board compensation for staff, as needed; and
(2) contract for legal, fiscal, investment and other expert advisors and service providers, none of whom shall be board members and all of whom shall serve at the pleasure of the board.
B. The executive director shall:
(1) oversee requests for proposals at the board's direction;
(2) develop and disseminate educational information and tools designed to improve financial literacy and educate program participants, covered employers, covered employees and other state residents about the benefits of saving for retirement and help them decide the level of participation and savings strategies that may be appropriate for them;
(3) if necessary, determine the eligibility of an employer or employee to participate in New Mexico work and save; and
(4) perform other duties as assigned by the board.
History: Laws 2020, ch. 7, § 6.
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.