The short title of this article 54.3 is the “Colorado Secure Savings Program Act”. Source: L. 2019: Entire article added, (SB 19-173), ch. 236, p. 2341, § 2, effective May 20. L. 2020: Entire section amended, (SB 20-200), ch. 295, p. 1460, § 2, effective July 14. Cross references: For the legislative declaration in SB […]
As used in this article 54.3, unless the context otherwise requires: “Board” means the Colorado secure savings program board established in section 24-54.3-103. “Employee” means any individual who is eighteen years of age or older, who is employed by an employer for at least one hundred eighty days, and who earns wages subject to income […]
There is hereby created in the office of the state treasurer the Colorado secure savings program board to create and implement the Colorado secure savings program. The board consists of the following nine members: The state treasurer or the treasurer’s designee; and Eight members appointed by the governor as follows: Five public representatives with expertise […]
The board shall have the following powers and duties: To establish, implement, and maintain the program developed pursuant to section 24-54.3-104; To adopt rules for the general administration of the program; To direct the state treasurer to hire staff to support the oversight and administration of the program; To develop an investment policy statement and […]
The board shall develop an automatic enrollment payroll deduction IRA, to be known as the Colorado secure savings program. The program will not be a defined benefit plan and the board shall adhere to the criteria specified in subsections (1)(b) to (1)(g) of this section in developing the program. The state does not have a […]
The board shall adopt rules that: Establish the process for enrollment in the program developed pursuant to section 24-54.3-104, including procedures for automatic enrollment of employees and for employees to opt out of the program; Establish the process for withdrawal from program accounts, including allowing an employee to withdraw money without penalty from the program […]
The Colorado secure savings fund, referred to in this section as the “fund”, is hereby created in the state treasury. The fund consists of the following: Money appropriated to the fund by the general assembly; Money transferred to the fund from the federal government, other state agencies, or local governments; Money from the payment of […]
The state treasurer may seek, accept, and expend gifts, grants, donations, or investments not required to be repaid, from private or public sources for the costs associated with the administration of this article 54.3. Source: L. 2020: Entire section added, (SB 20-200), ch. 295, p. 1466, § 7, effective July 14. Cross references: For the […]
Individual account information for accounts under the program developed pursuant to section 24-54.3-104, including but not limited to names, addresses, telephone numbers, personal identification information, amounts contributed, and earnings on amounts contributed, is confidential and shall be maintained as confidential; except that individual account information may be disclosed to the extent necessary to administer the […]
Notwithstanding the provisions of section 24-1-136 (11), on or before April 1, 2022, and on or before April 1 each year thereafter, the board shall submit a report to the governor and to the members of the finance committees of the senate and the house of representatives, or any successor committees, detailing the board’s activities […]
