DENVER - Governor Polis has appointed eight members to the Colorado Secure Savings Program Board.
The Colorado Secure Savings Program Board will establish, implement, and maintain the Colorado Secure Savings Program. Over 40% of Coloradans don’t have access to retirement savings programs at work. This program will create portable retirement accounts for eligible employees.
“The Secure Savings Program will empower people across the state to save for the future,” said Colorado Treasurer Dave Young. “This program is a critical tool in working towards economic justice — by creating access that has not previously been encouraged and enabling workers to save for retirement.”
The Colorado Secure Savings Program was established by legislation in May 2020, putting into action the recommendations of the 2019 study board. The Colorado Secure Savings Plan Board found that failing to take action to increase access to retirement savings would result in the State facing a combined budget and revenue impact of almost $10 billion between 2021 and 2035. The state could save almost $9 billion over the fifteen-year period if retirees have sufficient savings.
“I am thrilled that the Colorado Secure Savings Program Board has been appointed and I am excited to get to work. This Board will make countless important decisions that will shape the success of the Program, and therefore, the success of Coloradans,” Treasurer Young stated. “Each member brings a unique set of experiences to the table, and I look forward to working with this Board.”
The Colorado Secure Savings Program will be housed within the Colorado Department of the Treasury, with the Board providing oversight and guidance. The Program will be created in partnership with private sector program administrators and investment managers.
To read more about the board, see the attached document. To find more information about Secure Savings board meetings, visit colorado.gov/treasury/colorado-secure-savings-program-board.