Colorado Gov. Jared Polis signed into law a bill implementing a statewide retirement savings program for all private-sector employees in the state not currently enrolled in a retirement plan.
Mr. Polis signed SB20-200, which establishes the Colorado secure savings program fund in the state treasury, on July 14, making Colorado the latest state to implement an automatic individual retirement account program for private-sector workers. Other states with similar programs include California, Connecticut, Illinois, Maryland, New Jersey and Oregon.
Sponsored by state Sens. Kerry Donovan and Brittany Pettersen and state Reps. Tracy Kraft-Tharp and KC Becker, all Democrats, SB20-200 was proposed in March after the Colorado Secure Savings Plan Board recommended that the state establish a state-sponsored automatic IRA program and launch a financial education system for employees.
The Colorado House passed Senate Bill 20-200 on June 12 after the state Senate passed the bill on June 6. The Senate approved the amended bill 19-16 on June 13.