The Colorado Legislature passed a bill implementing a statewide retirement savings program for all private-sector employees in the state not currently enrolled in a retirement plan.

The Colorado House passed Senate Bill 20-200 by 41-24 on June 12 after the state Senate passed the bill on June 6 by 18-15 (with two members not voting). The Senate approved the amended bill 19-16 on June 13. The bill establishes the Colorado secure savings program fund in the state treasury.

Sponsored by state Sens. Kerry Donovan and Brittany Pettersen and state Reps. Tracy Kraft-Tharp and KC Becker, all Democrats, SB20-200 was proposed in March after the Colorado Secure Savings Plan Board recommended that the state establish a state-sponsored automatic individual retirement account program and launch a financial education system for employees.

The General Assembly created the Colorado Secure Savings Plan Board within state Treasurer David L. Young's office in 2019 to study the various approaches to creating a retirement savings plan for the state's private-sector employees whose employers don't provide a retirement plan. The board gave the state Legislature its findings and recommendation in February.

Representatives from Gov. Jared Polis office could not be immediately reached for comment.