April 22, 2019
Denver, CO – The Colorado State Senate today voted 18-to-16 with 1 excused to pass SB19-173, Colorado Secure Savings Plan Board, a bill sponsored by Senators Kerry Donovan (D-Vail) and Brittany Pettersen (D-Lakewood) to help find ways to increase Colorado’s private sector workers’ retirement savings. The bill will now move to the House of Representatives for consideration.
“People are working several jobs in my district to make ends meet, but many of them don’t have traditional retirement benefits offered through their employers. We need to figure out how to help those people save for the future,” said Senator Donovan. “The way people work is changing and this bill will help us figure out how to help those without employer-based retirement benefits save so they can retire in the place they call home.”
“We have a retirement crisis on our hands, in which more and more Coloradans are unable to save for the future,” said Senator Pettersen. “After a lifetime of hard work, every Coloradan deserves to retire with dignity, and an improved savings plan would help Colorado’s private sector workers achieve a more secure financial future.”
The board would conduct assessments to determine approaches to increasing retirement savings for private sector employees in low-cost and self-sustaining ways, and then it would recommend a plan to the Governor and General Assembly.
More than 75 percent of Coloradans believe it is only going to get harder to prepare for retirement, according to the Bell Policy Center. SB19-173 would establish the Colorado Secure Savings Plan Board to study ways to help Colorado’s private sector workers save for retirement.
To learn more about SB19-173, please visit https://leg.colorado.gov/bills/sb19-173.