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Bill Detail: SB19-173

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Title Colorado Secure Savings Plan Board
Status Sent to the Governor (05/13/2019)
Bill Subjects
  • State Government
House Sponsors T. Kraft-Tharp (D)
C. Hansen (D)
Senate Sponsors B. Pettersen (D)
K. Donovan (D)
House Committee Business Affairs and Labor
Senate Committee Finance
Date Introduced 03/01/2019
Description

The bill establishes the Colorado secure savings plan board (board)
to study the feasibility of creating the Colorado secure savings plan and
other appropriate approaches to increase the amount of retirement savings

by Colorado's private sector workers.
The board consists of the state treasurer or the treasurer's designee
and 8 additional trustees with certain experience who are appointed by the
governor.
The board is required to conduct the following 4 analyses or
assessments by a specified date:
  • A detailed market and financial analysis to determine the
financial feasibility and effectiveness of creating a
retirement savings plan in the form of an automatic
enrollment payroll deduction IRA, to be known as the
Colorado secure savings plan. The plan would be designed
to promote greater retirement savings for private sector
employees in a convenient, low-cost, and portable manner.
  • A detailed market and financial analysis to determine the
financial feasibility and effectiveness of a small business
marketplace plan to increase the number of Colorado
businesses that offer retirement savings plans for their
employees. The marketplace plan would be voluntary for
both employers and employees, open to all employees and
employers with fewer than 100 employees, and
administered by the department of labor and employment.
The bill specifies certain duties of the department of labor
and employment in connection with the marketplace plan
if it is implemented.
  • An analysis of the effects that greater financial education
among Colorado residents would have on increasing their
retirement savings; and
  • An analysis of the effects that not increasing Coloradans'
retirement savings would have on current and future state
and local government expenditures.
The board may accept any gifts, grants, and donations, or any
money from public or private entities to pay for the costs of the analyses.
The board may delay implementation of one or more of the analyses if it
does not obtain adequate money to conduct the analyses.
If after conducting the analyses, the board finds that there are
approaches to increasing retirement savings for private sector employees
in a convenient, low-cost, and portable manner that are financially
feasible and self-sustaining, the board is required to recommend a plan to
implement its findings to the governor and the general assembly.

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with Amendments
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Fiscal Notes Fiscal Notes (03/13/2019) (most recent)  
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