A. Board members and employees of the board shall comply with the Gift Act [Chapter 10, Article 16B NMSA 1978], the Governmental Conduct Act [Chapter 10, Article 16 NMSA 1978] and the Open Meetings Act [Chapter 10, Article 15 NMSA 1978].
B. Board members and employees of the board shall not:
(1) directly or indirectly have any interest in the investment of New Mexico work and save or in gains or profits accruing from that investment, other than as program participants;
(2) borrow New Mexico work and save-related funds or deposits or use those funds or deposits for personal gain or as agents or partners of others; or
(3) become endorsers, sureties or obligors on investments made by New Mexico work and save.
C. If a board member or employee of the board has an interest, either direct or indirect, in a contract to which New Mexico work and save is or is to be a party, that interest shall be disclosed to the board in writing and shall be set forth in the minutes of the board. The board member or employee having that interest shall not participate in an action by the board with respect to that contract.
D. Board members and employees of the board shall act as fiduciaries with respect to the New Mexico retirement plan marketplace and New Mexico work and save, acting solely in the best interests of the program participants and for the exclusive purpose of providing benefits to program participants and administering the program with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with those matters would use in the conduct of an enterprise of a like character and with like aims.
History: Laws 2020, ch. 7, § 7.
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.