June 18, 2024
Beginning July 1, 2024, eligible employers may begin participating in the New Mexico Work and Save Program, a payroll deduction IRA saving program run and operated by the state. Legislation creating the program was signed into law in May 2020.
The program is voluntary for both employers and employees and offers retirement savings options for private sector employees, nonprofit employees, and the self-employed, including a Roth Individual Retirement Account and access to a web-based “retail” Retirement Savings Plan Marketplace.
While this program is voluntary, it may provide useful retirement savings options for many New Mexico employers and their employees who do not presently have such options available.
More information about the program is available here.
PPI Benefit Solutions does not provide legal or tax advice. Compliance, regulatory and related content is for general informational purposes and is not guaranteed to be accurate or complete. You should consult an attorney or tax professional regarding the application or potential implications of laws, regulations or policies to your specific circumstances.
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