CO HB1403

Establishes the Colorado Secure Savings Plan as an automatic enrollment payroll deduction IRA for private-sector employees whose employers do not offer retirement plans

Creates a 9-member board of trustees (state controller, budget office director, and 7 appointed members) with fiduciary duties to manage the plan and establish investment options, contribution levels, and enrollment processes

Requires employers with 100+ employees (year 1), 50+ employees (year 2), and 5+ employees (year 3+) to participate; all employers may voluntarily participate if they lack a qualified retirement plan

Establishes the Colorado Secure Savings Plan Fund as a trust outside state treasury with moneys from employee and employer payroll deductions; board may use up to 1% of fund assets for administrative costs initially, then 0.75% thereafter

Plan must be implemented within 24 months, with employers establishing payroll systems within 9 months to 2.75 years depending on employee count; employees automatically enroll at 5% contribution rate unless they opt out