The Colorado Senate introduced a bill proposing the establishment of a statewide retirement savings program for all private-sector employees in the state not currently enrolled in a retirement plan.
Senate Bill 20-200, sponsored by state Sens. Kerry Donovan and Brittany Pettersen and state Reps. Tracy Kraft-Tharp and KC Becker, all Democrats, was proposed Monday after the Colorado Secure Savings Plan Board recommended that the state establish a state-sponsored automatic individual retirement account program and launch a financial education system for employees.
"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," the bill said.
The general assembly created the Colorado Secure Savings Plan Board within state Treasurer Dave Young's office in 2019 to study the various approaches to creating a retirement savings plan for the state's private-sector employees whose employers don't provide a retirement plan. The board gave the state Legislature its findings and recommendation in February.