The proposed Colorado Secure Savings Plan has hit a roadblock in the state legislature.
HB16-1403, a measure that would create the Colorado Secure Savings Plan, was introduced on March 24 and immediately assigned to the House Committee on Finance. That committee heard testimony about the bill on April 27, then voted on May 4 to postpone action on the bill indefinitely.
The measure would establish a retirement savings plan for private-sector employees whose employers do not provide a retirement plan. It would require private employers to arrange for the automatic enrollment of employees in the plan; funds would be contributed through payroll deduction from employee wages into a Roth IRA. An account in the plan would be automatically established unless an employee opts out of the program. Employers with a specified number of employees in Colorado would be required to participate in the plan, but any other employer could choose to participate in the plan as well.
The 2016 legislative session ends on May 11.
HB16-1403, a measure that would create the Colorado Secure Savings Plan, was introduced on March 24 and immediately assigned to the House Committee on Finance. That committee heard testimony about the bill on April 27, then voted on May 4 to postpone action on the bill indefinitely.
The measure would establish a retirement savings plan for private-sector employees whose employers do not provide a retirement plan. It would require private employers to arrange for the automatic enrollment of employees in the plan; funds would be contributed through payroll deduction from employee wages into a Roth IRA. An account in the plan would be automatically established unless an employee opts out of the program. Employers with a specified number of employees in Colorado would be required to participate in the plan, but any other employer could choose to participate in the plan as well.
The 2016 legislative session ends on May 11.
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