State Looks at Ways to Help Employees Save

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About 6 in 10 New Mexico residents who work in the private sector do not have access to a retirement savings plan through their employer.

Last year the state legislature, with participation from AARP, set up a task force to devise a new way for private-sector employees to save for retirement. This fall the group submitted its recommendations to lawmakers, and the legislature is expected to consider a bill during the 2019 session.

“The task force is proposing a hybrid between plans offered by the private sector, referred to as a marketplace plan, and a state-managed savings plan,” said DeAnza Valencia, AARP New Mexico’s associate state director for advocacy. “The task force felt this model would work best for New Mexico.”