537BD05DB2BD61F6872583BD006AB0F7 Hearing Summary

The committee reconvened.

Senators Donovan and Pettersen, bill sponsors, introduced Senate Bill 19-173.  The bill creates a board to investigate proposals for nontraditional retirement savings schemes.  Senator Pettersen distributed three written testimonies in support of the bill (Attachments A, B, and C).  The bill sponsors responded to a question from the committee regarding feasibility of the board's work.

Dave Young, State Treasurer, testified in support of the bill.  Treasurer Young responded to a question from the committee regarding the board's process.

Rich Jones, Bell Policy Center, testified in support of the bill.  Mr. Jones responded to questions from the committee regarding public investment in individuals' retirements.

Melanie Layton, Colorado Bankers Association, gave neutral testimony on the bill.  Ms. Layton responded to questions from the committee about the Colorado Bankers Association's position, what outcomes may be favored by banks, and how other states have structured retirement programs.  Senator Pettersen also responded.  Ms. Layton responded to a further question from the committee regarding the bill's fiscal note.

Joseph Giulitto, National Association of Insurance and Financial Advisors, testified in support of the bill.  Ed Shackelford, representing himself, testified in support of the bill.  Mr. Shackelford distributed two handouts (Attachments D and E).  Pete Turner, Illegal Pete's and Good Business Colorado, testified in support of the bill.

Mr. Turner responded to questions from the committee and the bill sponsor regarding costs associated with how Illegal Pete's selected a retirement plan to offer its employees, hypothetical costs to employers as a result of the bill, the impact of a savings plan on staff retention, and the impact of a savings plan on employees.

Kelli Fritts, Colorado AARP, testified in support of the bill.  Bob Brocker, Colorado Senior Lobby, testified in support of the bill.  Mr. Brocker shared a chart (Attachment F).  Ken Jacobs, Good Business Colorado and Impact Investors, testified in support of the bill.

Elliot Goldbaum, Colorado Fiscal Institute, testified in support of the bill.

Senator Donovan distributed a written testimony in support of the bill (Attachment G).

Senator Donovan responded to a proposal from the committee that an interim committee be tasked with the planning work rather than a board.  Committee discussion ensued.

Committee members made closing comments on the bill.

The bill sponsors made closing comments on the bill.