America is in a retirement crisis
(Apr. 24) – The Colorado Secure Savings Plan Board, a bill 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—earned approval from the House Business Affairs & Labor committee this afternoon.
“America faces a retirement crisis—people are not saving enough. Almost half of private-sector workers do not have access to a workplace retirement plan, ” said Rep. Kraft-Tharp, D-Arvada. “This bill allows the state to study 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
“Retirement looks bleak for many adults in Colorado. Imagine what it looks like for our children. Unless we act, we don’t know how long our kids, nieces and nephews are going to have to work before they can finally retire,” said Rep. Hansen, D-Denver. “This bill is practical, it’s straightforward, and it’s a commonsense approach to examine the different ways we can increase the number of Coloradans who have access to workplace retirement accounts.”
Several small business owners spoke in favor of the bill, testifying that they would like to be able to offer this benefit to their employees.
SB19-173 passed with a vote of 6-3 with all House Republicans voting against securing and protecting the future of Colorado workers and their families.
The bill now heads to the House Appropriations committee.