The current (v2) version of the proposal is a bit different from the 2004-2005 (v1) version. Both versions achieve the same goals, however the new proposal explicitly allows employers to voluntarily provide either group coverage or Alliance benefits, and reduces tax-based public funding requirements. Other technical aspects have changed, such as benefit guidelines and risk adjustment mechanisms.
See what has changed and why (Word document)
The v1 proposal summary (Word document)

Single payer proposals share many goals of this proposal and might use similar funding mechanisms. But in contrast to the proposal advanced for many years by the Health Security for New Mexicans Campaign, here no government entity defines medical benefits, administers claims, sets provider prices, or decides healthcare facility budgets. Consumers get the money, and decide what they want. Compare NM Health Choices with the Health Security Act

Cafeteria benefits are an existing tax-free, IRS-authorized way for employers to contribute a certain dollar amount towards employee benefits, which employees can supplement with their own tax-free dollars to buy from an expanded menu of insurance and other benefit options. This mechanism is a good way to give workers easy and tax-efficient access to the health plans offered by the proposal's insurance purchasing pool. Learn more about cafeteria benefits

ERISA should not be an obstacle to this proposal, because the proposed state legislation would not affect or refer to employer-based benefits in any way. However, ERISA could make it difficult to design compensation measures for employers that choose to keep offering medical insurance to their employees. Read more about ERISA in the context of the proposal