A bill to establish the Colorado Secure Savings Plan was postponed indefinitely in light of lawmakers' concerns that a compromise solution could not be reached this legislative session.
At the bill sponsors' requests, the Colorado House Finance Committee voted Wednesday to indefinitely postpone HB 1403, which would create auto-enrollment, payroll-deducted retirement savings accounts for employees who do not have access to a workplace retirement plan aside from Social Security.
While “almost everyone acknowledges that Coloradoans are not saving enough for retirement, and that this is a problem that could result in significant costs to the budget in the future,” concerns were raised during testimony on the bill's proposed approach, said state Rep. Brittany Pettersen, one of the bill's sponsors, in a recording of Wednesday's committee meeting.
“While we would like to work with all involved to try and reach compromise on the issue and find middle ground to increase Coloradoans' retirement savings, there is not enough time left in this session to do so,” said state Rep. Janet Buckner, another one of the bill's sponsors, during Wednesday's meeting. The goal is to introduce legislation again in the 2017 session.
HB 1403 was introduced in the House on March 24. It was never called for a vote. The 2016 legislative session is scheduled to adjourn May 11.