Concerns arise about retirement savings in New Mexico
SANTA FE, N.M. (AP) — National experts in retirement planning are descending on New Mexico as lawmakers contemplate what can be done to help private-sector workers who don’t have access to a retirement savings program.
The AARP says New Mexico has the highest rate in the country of private sector workers without access to an employer-sponsored retirement plan.
A legislative committee that oversees state pensions and investments meets Monday to learn about reform efforts by several states to increase individual retirement savings among private-sector workers. Committee Chairman George Munoz says it is time to look beyond the retirement security of state employees to the needs of the general public.
States including Maryland and Illinois are requiring many small businesses to offer retirement investment plans, while state-run marketplaces were set up in New Jersey and Washington.