s_sa_2017a_2017-04-26t13:48:02z4 Hearing Summary

Date: 04/26/2017

Location: SCR 357

03:22 PM -- HB17-1290



Senator Todd and Senator Donovan, co-prime sponsors, presented House Bill 17-1290. The reengrossed bill creates the Colorado Secure Savings Plan (plan) for private sector employees to be administered by the newly created statutory public entity, the Colorado Secure Savings Board. The plan includes an individual retirement account (IRA) provided by one or more financial services vendors approved by the board. Participants make contributions to the IRA through automatic payroll deductions. Moneys received from enrollees, participating employers, gifts, grants, donations, and loans, if pursued, go into the Colorado Secure Savings Plan Fund, a trust established for the plan.



Senators Todd and Donovan responded to committee member questions.



03:37 PM -- Carolyn Paul, representing ANB Bank and herself, testified against the bill.



03:41 PM -- Robert Sakata, representing the Colorado Fruit and Vegetable Growers Association, testified against the bill.



03:44 PM -- Jim Hall, representing the American Council of Life Insurers, testified against the bill.



03:46 PM -- Melanie Layton, representing the Colorado Bankers Association, testified against the bill.



03:50 PM -- Nicholas Colglazier, representing the Colorado Competitive Council and the Denver Metro Chamber of Commerce, testified against the bill.





03:53 PM



Mr. Colglazier, Ms. Layton, and Mr. Hall responded to committee member questions.



04:02 PM -- Tony Gagliardi, representing the National Federation of Independent Business, testified against the bill.



04:06 PM -- Jeff Rogoff, representing Sazza restaurant, testified in support of the bill.



04:09 PM -- Tim Gaudette, representing Small Business Majority, testified in support of the bill.



04:12 PM -- Rich Jones, representing the Bell Policy Center, testified in support of the bill and provided a written copy of his testimony (Attachment H).



17SenateState0426AttachH.pdf



04:16 PM -- Robb Green, representing the National Association for the Advancement of Colored People, testified in support of the bill.





04:18 PM



Mr. Jones responded to committee member questions.



04:27 PM -- Demetrius Johnson, representing himself, testified in support of the bill.



04:32 PM -- Phil Steckley, representing AARP, testified in support of the bill and provided a handout to committee members (Attachment I).



17SenateState0426AttachI.pdf



04:36 PM



Mr. Steckley responded to committee member questions.





04:40 PM



Senators Todd and Donovan wrapped up their presentation of the bill. Committee members discussed the bill with Senators Todd and Donovan.



Committee members commented on the bill.