Capitol Report – February 12, 2020

Intro:

During this 2020 New Mexico Legislative session, Think New Mexico—the bi-partisan Santa Fe-based think tank—is seeking a solution to what the organization calls a “hidden crisis:” how little so many New Mexicans have saved for their retirement.

Tom Trowbridge reports from the Roundhouse:

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Think New Mexico founder and executive director Fred Nathan says about 62-percent of New Mexicans have nothing saved for their retirement and about 80-percent have ten-thousand dollars or less.

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Included in a package of retirement related measures Nathan’s group is encouraging this session is the repeal or elimination of the state’s income tax on Social Security benefits. As the 2020 session nears an end, there are several proposals being considered that would do just that.

Another measure would create a system of individual retirement accounts that would be available to workers who do not have access to retirement savings plans through their jobs.

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Nathan says Think New Mexico is also supporting a measure that would boost qualifications to for board members at the state’s largest pension fund for local and state government workers.

For the New Mexico News Network, I’m Tom Trowbridge

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