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Governor Signs New Mexico Work and Save Act, Kiki Saavedra Senior Dignity Fund Into Law

Feb 26, 2020 | Press Releases

SANTA FE – Gov. Michelle Lujan Grisham on Wednesday signed two pieces of legislation establishing important protections for New Mexico seniors. House Bill 225 establishes the Kiki Saavedra Senior Dignity Fund, a crucial investment in improving and delivering high-priority services for seniors all across New Mexico. The Legislature, in House Bill 2, appropriated $7.3 million for the initiative, a priority of Gov. Lujan Grisham’s for the 2020 legislative session. The legislation is named in honor of the late state Rep. Kiki Saavedra; it was co-sponsored by Rep. Debbie Armstrong, Rep. Karen Bash, Rep. Susan Herrera, Rep. Jim Trujillo and Rep. Linda Trujillo. The New Mexico Aging and Long-Term Services Department will oversee the fund. House Bill 44, the New Mexico Work and Save Act, will provide access to an automatic, low-cost retirement savings option for privately employed and self-employed workers who don’t have employer-based retirement accounts. The law also provides a new online marketplace where employers who want to offer their own plan can easily find and compare low-cost retirement savings options. In short, more hard-working New Mexicans will finally get the chance to take control of their futures and prepare for the secure retirement they deserve. Workers will be able to open new accounts in January 2022. House Bill 44 was co-sponsored by Rep. Phelps Anderson, Rep. Gail Armstrong, Rep. Christine Chandler, Rep. Tomás Salazar, Sen. Michael Padilla, Sen. Gabriel Ramos and Sen. Bill Tallman. Upon signing these two pieces of legislation, Gov. Lujan Grisham issued the following statement: “It is well past time that New Mexico steps up for its seniors, supporting their independence and providing for their needs,” the governor said. “We can and will do better for them. I want to thank members of the House and Senate for their support on these essential pieces of legislation, helping citizens plan more effectively for retirement and providing for the best possible environment for seniors all across our state.”

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The Office of Governor Michelle Lujan Grisham is located on the fourth floor of the New Mexico State Capitol in Room 400.

490 Old Santa Fe Trail Room 400
Santa Fe, NM 87501

Phone: (505) 476-2200
Toll free: (833) 520-0020

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