Update: The bill was lost on the Senate floor during Second Reading.
The Colorado Retirement Security Task Force bill creates a legislative task force that will make recommendations for increasing the number of Coloradans working in the private sector who have invested for their retirement and are enrolled in a retirement plan. The task force will analyze options to promote retirement security for Coloradans.
The bill specifies various areas of study for the task force, including, but not limited to:
- existing barriers to retirement;
- lack of access to employer-sponsored retirement plans;
- the types of employer-sponsored retirement plans and individual retirement products currently offered in the state;
- options that may include a defined contribution structure for retirement savings;
- estimates of the average amount of retirement wealth state residents have upon retirement; and estimates of the average amount of retirement wealth recommended for a financially secure retirement in the state.
Appointed task force members must have sufficient financial and fiscal expertise. The state demographer will also be an ex officio member of the task force. The task force will also analyze any potential state savings in public assistance expenditures that a potential statewide secure retirement plan may provide. The task force will hold its first meeting by August 1, 2014, and will meet as necessary through December 2015. Members will serve without compensation or reimbursement. The task force will submit a final report and make recommendations for legislative action by December 1, 2015. The task force repeals on June 30, 2016. Legislative Department staff will provide support to the task force.