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Bill Detail: SB20-200

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Title Implementation Of CO Colorado Secure Savings Program
Status Sent to the Governor (06/22/2020)
Bill Subjects
  • State Government
House Sponsors T. Kraft-Tharp (D)
K. Becker (D)
Senate Sponsors K. Donovan (D)
B. Pettersen (D)
House Committee State, Veterans, and Military Affairs
Senate Committee Finance
Date Introduced 03/09/2020
Description

In 2019, the general assembly created the Colorado secure savings
board (board) in the office of the state treasurer to study the costs to the
state of insufficient retirement savings and 3 approaches to increasing
retirement savings in Colorado. The board found that a state-facilitated
automatic enrollment individual retirement account program is the best

option for Colorado and recommended the establishment of such a
program, coupled with the greater use of financial education tools in the
state.
In furtherance of the board's recommendation, the bill directs the
board to create and implement the Colorado secure savings program
(program).
The bill specifies the powers and duties of the board in connection
with the creation and administration of the program and updates the
criteria to which the board is required to adhere in developing the
program. The board is required to adopt rules regarding enrollment in the
program, contributions to and withdrawals from program accounts, the
process for employer exemptions from offering the program, and required
disclosures.
The bill creates the Colorado secure savings program fund in the
state treasury to consist of money appropriated by the general assembly,
money transferred to the fund by the federal government, money from
fees and penalties in connection with the program, and any gifts, grants,
or donations made to the fund.
All individual account information for accounts under the program
is confidential and may not be disclosed except under specified
circumstances.

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