S 185 NM WORK AND SAVE BOARD CHANGES

Sen Bill Tallman

Actions: [2] SRC/SFC-SRC

Scheduled: Not Scheduled

 Senate Bill 185 (SB 185) attaches the New Mexico work and save board to the workforce solutions department for administrative purposes, transfers New Mexico work and save board personnel and property to the workforce solutions department, restructures the membership of the New Mexico work and save board, and makes an appropriation.  

 Senate Bill 185 (SB 185) Section 1 amends Section 58-33-2 NMSA 1978.  This amendment adds the term “department” to definitions and identifies it as the workforce solutions department.

SB 185 Section 2 amends Section 58-33-3 NMSA 1978.  The changes restructure the board in the following ways:
•	Administratively attaches the board to the workforce solutions department.
•	Restructures the membership of the board to include members who have skills in retirement investment products and who represent small businesses.
•	Board terms are changed to four-year terms for all members.

SB 185 Section 3 transfers functions, personnel, money, appropriations, property, equipment, and contractual obligations related to the New Mexico work and save board from the office of the state treasurer to the workforce solutions department.

SB 185 Section 4 appropriates two hundred fifty thousand dollars ($250,000) from the general fund to the workforce solutions department for expenditure in fiscal year 2024 (FY 24) to fund two positions to administer the New Mexico Work and Save Act.  Any unexpended balance at the end of FY 24 will revert to the general fund.