SB 19-173: Colorado Secure Savings Plan Board

• Creates a 9-member Colorado Secure Savings Plan Board within the Office of the State Treasurer to study approaches for increasing retirement savings among Colorado's private sector workers.

• Board must conduct detailed analyses on the financial feasibility of creating an automatic enrollment payroll deduction IRA (Colorado Secure Savings Plan) for employees whose employers don't offer retirement plans.

• Board must also analyze a small business marketplace plan administered by the Department of Labor and Employment, effects of financial education on retirement savings, and impacts of low retirement savings on state and local government expenditures.

• Board shall submit final report with findings and recommendations to the Governor and General Assembly by February 28, 2020; any plan implementation requires separate legislative authorization by bill.

• $800,000 appropriated to the Department of Treasury for fiscal year 2019-20 to cover administrative operating expenses.