SB 20-200 Summary

• Creates the Colorado Secure Savings Program, a state-facilitated automatic enrollment IRA for private sector employees whose employers do not offer retirement plans.

• Establishes the Colorado Secure Savings Program Board with powers to design, implement, and administer the program, set rules for enrollment and contributions, and enforce employer compliance.

• Sets default employee contribution at five percent of wages with the right to opt out; employers must withhold and remit contributions within 14 days; employers with qualifying retirement plans are exempt.

• Limits total annual program fees to one percent of assets for the first five years and 0.75 percent thereafter; establishes minimal employer compliance fines up to $100 per eligible employee annually (capped at $5,000 per year).

• Appropriates $1,197,552 to the Department of the Treasury for fiscal years 2020-21 and 2021-22 to support program implementation and legal services.