As used in the New Mexico Work and Save Act:

A. “board” means the New Mexico work and save board; B. “board member” means a member of the board;

C. “covered employee” means a person who is at least eighteen years of age and who is employed by a covered employer, either full time or part time, or a person who is self-employed as a sole proprietor or an independent contractor; provided that “covered employee” does not include an employee:

(1)     covered under the federal Railway Labor Act;

(2)     on whose behalf an employer makes contributions to a multi-employer pension trust fund pursuant to the federal Taft-Hartley Act; or

(3)     of federal, state or local governments or any agency, department, board, commission, institution or instrumentality of those governments;

D. “covered employer” means a person engaged in a business, industry, profession, trade, nonprofit or other enterprise with its primary place of business physically located in New Mexico, but does not include a federal, state or local government or any agency, department, board, commission, institution or instrumentality of those governments;

E. “default investment option” means a Roth individual retirement account with a target date fund investment and a default contribution rate established by the board;

F. “financial institution” means a duly licensed bank, savings and loan association, credit union, broker-dealer, asset manager, insurance company, mutual fund or other financial entity;

G. “financial service provider” means a financial or investment service provider that, if approved by the board as meeting the eligibility criteria, may administer and maintain one or more program participant investment accounts or one or more marketplace participant accounts for which the provider is a fiduciary;

H. “Internal Revenue Code” means the United States Internal Revenue Code of 1986, as amended;

I. “IRA” means an individual retirement account that conforms to the requirements of Section 408(a) of the Internal Revenue Code;

J. “marketplace participant” means a covered employer that establishes a plan through the New Mexico retirement plan marketplace or a covered employee who establishes an investment account through the New Mexico retirement plan marketplace;

K. “New Mexico retirement plan marketplace” means a board-approved web-based marketplace that facilitates access to retirement savings plans for private sector and nonprofit employers and employees, including multiple-employer plans;

L. “New Mexico work and save IRA program” means the retirement savings program, designed and implemented by the board, that facilitates payroll deductions of program participants in individual retirement accounts without any contributions from covered employers;

M. “New Mexico work and save platform” means the online digital service designed and implemented by the board to facilitate interaction among covered employers, covered employees, program participants, financial service providers and other users via the internet;

N. “participating employer” means a covered employer that provides payroll deductions for individual retirement accounts through the New Mexico work and save IRA program but that does not contribute to those accounts;

O. “program participant” means a covered employee who is contributing to an individual retirement account through the New Mexico work and save IRA program or has an individual retirement account balance through the New Mexico work and save IRA program;

P. “Roth individual retirement account” means a voluntary payroll deduction Roth individual retirement account that conforms to the requirements of Section 408A of the Internal Revenue Code; and

Q. “total fees and expenses” means all fees, costs and expenses, including administrative expenses, investment expenses of the New Mexico work and save IRA program, investment advice expenses, accounting costs, actuarial costs, legal costs, marketing expenses, education expenses, trading costs, insurance annuitization costs and other operating expenses.