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h_fin_2016a_2016-04-27t13:38:15z2 Hearing Summary

Date: 04/27/2016



Final

BILL SUMMARY for HB16-1403



HOUSE COMMITTEE ON FINANCE


Votes: View--> Action Taken:
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02:12 PM -- HB16-1403



Representatives Pettersen and Buckner, co-prime sponsors, introduced House Bill 16-1403. The bill creates the Colorado Secure Savings Plan (the plan) to provide a retirement savings plan for private sector Colorado workers whose employers do not provide a retirement plan. Private employers are required to arrange for the automatic enrollment of employees in the plan and funds are contributed through a payroll deduction from employee wages. Smaller employers are given up to three years to establish the arrangement; larger companies must establish the arrangement sooner. An employer who offers an alternative retirement savings plan is not required to offer participation in the state plan. Accounts with the plan are in the form of a Roth Individual Retirement Account (IRA). An account in the plan is automatically established unless an employee opts out of the program. Representatives Pettersen and Buckner answered several committee questions.



02:26 PM -- Mr. Rich Jones, representing the Bell Policy Center, testified in support of the bill. He distributed a handout (Attachment B) to the committee. He answered several committee questions.



16HouseFin0427AttachB.pdf16HouseFin0427AttachB.pdf



02:41 PM -- Mr. Rich Hiller, representing the Teachers Insurance and Annuity Association of America (TIAA), testified in support of the bill. He answered several committee questions.



02:46 PM -- Ms. Caren Lock, representing TIAA, testified in support of the bill. She spoke to a potential amendment.



03:01 PM -- Mr. Ben Moultrie, representing the American Association of Retired Persons (AARP), testified in support of the bill.



03:04 PM --
Dr. Stacy Howard, representing Qualistar Colorado, testified in support of the bill. She answered several committee questions.



03:10 PM -- Mr. Brian Tanner, representing the Colorado Education Association, testified in support of the bill. He answered several committee questions.



03:13 PM -- Ms. Christana Postolowski, representing Young Invincibles, testified in support of the bill. She distributed a handout to the committee (Attachment C). She answered several committee questions.



16HouseFin0427AttachC.pdf16HouseFin0427AttachC.pdf



03:22 PM -- Mr. Tim Gaudette, representing the Small Business Majority, testified in support of the bill. He answered several committee questions.



03:32 PM -- Ms. Kristen Deevy, representing Strategic Retirement Partners, testified against the bill. She answered several committee questions.



03:49 PM -- Ms. Paula Hendrickson, representing First Western, testified against the bill. She answered several committee questions.



03:54 PM -- Mr. Jim Hall, representing the American Council of Life Insurers, testified against the bill. He answered several committee questions.



03:59 PM -- Mr. Nicholas Colglazier, representing the Colorado Competitive Council (C3), testified against the bill.



04:06 PM -- Mr. Terry Jones, representing the Mortgage Lenders Association, testified against the bill. He answered several committee questions.



04:10 PM -- Ms. Jenifer Waller, representing the Colorado Bankers Association, testified against the bill. She answered several committee questions.



04:16 PM --
Mr. Tony Gagliardi, representing the National Federation of Independent Businesses, testified against the bill. He answered several committee questions.



04:28 PM --
Ms. Loren Furman, representing the Colorado Association of Commerce and Industry, testified against the bill.



04:32 PM -- Ms. Jennifer Engle, representing Fidelity Investments, testified against the bill. She answered several committee questions.





04:40 PM



The bill was laid over to a future date for action only.




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