Colorado is expected to join states across the country in having a state-sponsored retirement savings plan for private sector employees, including a mandate for employers with greater than five workers that do not provide a retirement plan. The state Senate is considering legislation that would craft an IRA-based program.
On May 20, 2019, Governor Jared Polis enacted the Colorado Secure Savings Plan Act, a strategy that generated the Colorado Secure Savings Plan Board. The Board was charged with examining methods to boost the quantity of retirement savings by Colorado’s private-sector employees and was to send a report to the governor by February 28, 2020. The current measure, SB20-200 will amend SB 19-173 to impose a retirement plan coverage requirement previously stated. The bill will also:
- Highlight the duties and powers of the Board regarding creating and administering the Colorado Secure Savings Plan Act and updates the criteria to which the board is demanded to adhere in creating the program.
- Would request the Board to embrace rules regarding enrollment in the program.
- Would craft the Colorado Secure Savings Program Fund in the state treasury.
Click here to learn more about the specifics of the measure.
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