(May 20) – Gov. Polis signed the Colorado Secure Savings Plan Board, a bill sponsored by Rep. Tracy Kraft-Tharp and Rep. Chris Hansen, to allow the state of Colorado to study different options to increase the ability of Colorado workers to save more for their retirement. Almost half of private-sector workers do not have access to a workplace retirement plan.
“Our country is in a retirement crisis. We need a plan to ensure workers can save and retire with dignity and security,” said Rep. Kraft-Tharp, D-Arvada. “This new law will ensure the state studies four models including a no-action plan to see what is the best way to help Coloradans who don’t have access to a workplace retirement savings plan save a little at a time throughout their life for a secure retirement.”
Rep. Kraft-Tharp is chair of the House Business Affairs & Labor committee.
The “Colorado Secure Savings Plan Board,” SB19-173, creates a board of trustees that would study various options for a public-private partnership that would offer a low-fee plan, similar to Individual Retirement Accounts, to employees without access to workplace plans. Upon conclusion of the study, the board would then send the legislature its recommendations for final approval.