New Mexico Register / Volume XXXIII,
Issue 24 / December 27, 2022
NOTICE OF PUBLIC
HEARING
Public Rulemaking
Hearing
The New Mexico Work
and Save Board will hold a public hearing on proposed rulemaking for the New Mexico Work and
Save Programs. The hearing will be held
on Monday, January 30, 2023, beginning at 9:00 a.m. (MDT) at the New Mexico State Treasurer’s
Office, 2055 S. Pacheco St, Ste. 100, Santa Fe, N.M. 87505, and online via a Zoom webinar link. Any interested member of the public may attend the
hearing and submit data, views, or comments either orally or in writing.
Purpose
of Rules Hearing
The purpose of
the public hearing is to consider the proposed new rules set forth pursuant to
the New Mexico Work and Save Act regarding the design, implementation, and
operation of the Work and Save Programs, specifically the General Provisions
and the Retirement Plan Marketplace. The
hearing will be used to receive public comment on the proposed rules. Attendees who wish to
provide public comment on record will be given every reasonable opportunity to
offer comment.
Public Comment
The Board will begin receiving public comment on
the proposed new rules beginning Wednesday, December 28, 2022. Written comments must be received no later than 4:00 p.m. (MDT), Friday, January
27, 2023, and can be sent via email to Maria.Spray@sto.nm.gov, or by post to
New Mexico Work and Save Board, 2055 S. Pacheco St., Ste. 100, Santa Fe, N.M.
87505. Written comment will not be received during the hearing. All written comments will be posted on the
Work and Save Board website within three days of receipt.
Statutory Authority
The legal authority authorizing the
proposed rulemaking is the New Mexico
Work and Save Act, Sections 58- 33-1 through 58-33-12 NMSA 1978, (2020) as
amended.
Summary
of Proposed New Rules
These
rules apply to the New Mexico Work and Save Board and its employees and
contractors, including the Marketplace financial service providers who offer,
or seek to offer, plans on the New Mexico Retirement Plan Marketplace; and
employers that purchase retirement plans from the Marketplace. The rules will
provide information on the following:
12.13.1
NMAC General Provisions
12.13.30
NMAC Retirement
Plan Marketplace
12.13.1
NMAC - GENERAL PROVISIONS
Part
1 will provide the general provisions and definitions that apply to all of
Title 12, Chapter 13 and to all persons affected or regulated by Title 12,
Chapter 13
12.13.30
NMAC - RETIREMENT PLAN MARKETPLACE
Part
30 will provide guidance for financial service providers regarding minimum
requirements, procedures for applications, and fees charged for participation
on the Retirement Plan Marketplace.
Purpose
of Proposed Rules:
The rules are proposed to provide guidance regarding the operation of, and
oversight for, the New Mexico Work and Save Programs. The rules will provide specific guidance to
the Board and its employees, and to employers and contractors doing business in
New Mexico in the purchase of retirement plans from the Marketplace.
Copies
of Rules Full Text: Copies of the full
text of the proposed New Mexico Work and Save Programs rules regarding the Retirement
Plan Marketplace Rules, Definitions, and General Provisions may be found here: https://nmsto.gov/special-programs/work-and-save/
under the Rules tab. Requests for electronic or printed copies may be directed
to Maria Spray at Maria.Spray@sto.nm.us.
Comments
on Proposed Rules: Please send
comments to Maria Spray at Maria.Spray@sto.nm.gov no later than 4:00 p.m., Friday,
January 27, 2023.
Public
Hearing Information:
The public hearing will be held on Monday, January 30, 2023, at 9:00 a.m.
Attendance in person will be at the New Mexico State Treasurer’s Office, 2055
S. Pacheco St., Ste. 100, Santa Fe, N.M. 87505. Attendance via Zoom will be available by
request made to Maria Spray at Maria.Spray@sto.nm.gov or 505-205-3567.
Individuals
with Disabilities
Individuals with
disabilities who need any form of auxiliary aid to attend and/or participate in
the public hearing are asked to contact Maria Spray at Maria.Spray@sto.nm.gov
or call (505) 205-3567.