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A. The board shall:
(1) elect a chair and other officers it deems necessary;
(2) meet as necessary to perform its duties;
(3) appoint an executive director, who shall be the chief administrative officer of the board;
(4) establish and direct the implementation and maintenance of the New Mexico retirement plan marketplace and New Mexico work and save;
(5) cause New Mexico work and save to be designed, established and operated:
(a) in accordance with best practices for retirement saving vehicles;
(b) to encourage participation, saving, sound investment practices and appropriate selection of investment options, including any default investments;
(c) to maximize simplicity and ease of administration for covered employers;
(d) to minimize total costs, including by collective investment and economies of scale;
(e) to require portability of benefits; and
(f) to avoid preemption of New Mexico work and save by federal law;
(6) ensure that no assets of New Mexico work and save are encumbered, expended or otherwise used for a purpose other than one specified in the New Mexico Work and Save Act;
(7) develop and implement an education and outreach plan to gain input and disseminate information regarding the New Mexico retirement plan marketplace, New Mexico work and save and retirement savings in general, including timely information to covered employers regarding New Mexico work and save;
(8) develop and implement an investment policy and designate appropriate default investments for New Mexico work and save that include a mix of asset classes, including target date funds and index funds, that minimize program participant fees and total expenses;
(9) establish procedures for the timely and fair resolution of any disputes related to accounts or program operation;
(10) provide a blanket surety bond for all employees and board members in an amount as determined by the board and conditioned on the faithful performance of the duties of each employee during the employee's employment and each board member during the board member's term of office; and
(11) perform other activities as are needed to further the purposes of the New Mexico Work and Save Act.
B. The board may:
(1) promulgate rules as necessary and appropriate to carry out the provisions of the New Mexico Work and Save Act consistent with the Internal Revenue Code and rules adopted in accordance with that code, including ensuring that New Mexico work and save satisfies all criteria for favorable tax treatment and complies with all applicable federal and state laws;
(2) enter into contracts, agreements, memorandums of understanding or other arrangements with this or any other state or their agencies or instrumentalities to operate or manage any part of New Mexico work and save or the New Mexico retirement plan marketplace, including combining resources, investments or administrative functions;
(3) sue and be sued in its name;
(4) fix, revise and collect fees and other charges in connection with the New Mexico retirement plan marketplace or New Mexico work and save;
(5) contract with private and public financial institutions, depositories, consultants, actuaries, attorneys, auditors, investment advisers, investment administrators, investment management firms, other investment firms, third party administrators and other professionals as may be required;
(6) make and execute contracts, agreements or instruments necessary or convenient in the exercise of the powers and functions granted the board by the New Mexico Work and Save Act; provided that the board may delegate that power to the executive director and may limit the scope of that delegation;
(7) invest and reinvest its funds in accordance with applicable state and federal law; and
(8) collaborate with and evaluate the role of financial advisors or other financial professionals and financial institutions, including those assisting and providing guidance to program participants.
Cite this article: FindLaw.com - New Mexico Statutes Chapter 58. Financial Institutions and Regulations § 58-33-4. Board; powers and duties - last updated May 06, 2021 | https://codes.findlaw.com/nm/chapter-58-financial-institutions-and-regulations/nm-st-sect-58-33-4/
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