New Mexico Statutes 58-33-7. Board and board employee requirements and prohibitions;
conflicts of interest.
Terms Used In New Mexico Statutes 58-33-7
- Contract: A legal written agreement that becomes binding when signed.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Oversight: Committee review of the activities of a Federal agency or program.
A. Board members and employees of the board shall comply with the Gift Act [N.M. Stat. Ann. Chapter 10, Article 16B], the Governmental Conduct Act [N.M. Stat. Ann. Chapter 10, Article 16], the Open Meetings Act [N.M. Stat. Ann. Chapter 10, Article 15] and any other applicable state or federal laws.
B. Board members and employees of the board shall not:
(1) directly or indirectly have any interest in an investment of the New Mexico work and save IRA program or in gains or profits accruing from that investment, other than as program participants;
(2) borrow New Mexico retirement plan marketplace or New Mexico work and save IRA program-related funds or deposits or access and use those funds or deposits for personal gain or as agents or partners of others; or
(3) become endorsers, sureties or obligors on investments made pursuant to the New Mexico Work and Save Act.
C. If a board member or employee of the board has an interest, either direct or indirect, in a contract to which the New Mexico retirement plan marketplace or the New Mexico work and save IRA program is or is to be a party, that interest shall be disclosed to the board in writing and shall be set forth in the minutes of the board. The board member or employee having that interest shall not participate in an action by the board with respect to that contract.
D. Board members and employees of the board shall act as fiduciaries with respect to the design, implementation and oversight of the New Mexico retirement plan marketplace and the New Mexico work and save IRA program, acting solely in the best interests of the program participants and for the exclusive purpose of providing benefits to program participants and administering the marketplace and the IRA program with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with those matters would use in the conduct of an enterprise of a like character and with like aims.