HB 17-1290: Colorado Secure Savings Plan

• Establishes the Colorado Secure Savings Plan, an automatic enrollment payroll deduction individual retirement account (IRA) for private-sector employees whose employers do not offer retirement plans.

• Creates a 9-member Board of Trustees (state controller, director of state planning and budgeting, and 7 governor-appointed trustees) with fiduciary duties to establish investment options, manage the plan fund, and ensure self-sustainability.

• Requires employers with 100+ employees (year 1), 50+ employees (year 2), and 5+ employees (year 3 onward) to participate in the plan unless they already offer a qualified retirement plan; smaller employers may voluntarily participate.

• Establishes a separate trust fund outside state treasury to hold plan assets; the state has no liability for investment losses, and employers are not fiduciaries for the plan.

• Plan implementation requires General Assembly approval by bill after a financial feasibility study confirms the plan will be self-sustaining; employers must automatically enroll eligible employees unless they opt out.