House Action on Colorado Secure Savings Plan is Good News for Small Businesses
Statement by Hunter Railey, Colorado Director for Small Business Majority, on why the Colorado House vote today to pass retirement savings legislation would benefit small employers
The Colorado House of Representatives invested in the future of small businesses today by advancing a bill that would authorize the study of the Colorado Secure Savings Plan, which would level the playing field for small employers that struggle to provide retirement benefits to their employees.
The legislation passed today would authorize a board to study the feasibility of a Secure Savings Plan, and to make recommendations as to whether or not that plan should be adopted. Secure Savings would be a public-private partnership to allow private-sector employees to contribute to an individual retirement savings account through modest payroll deductions. This would help small employers offer valuable benefits to their employees without the typical administrative or cost burdens associated with an employer-run plan.
We know most small business owners unfortunately do not have the time, money or staff to provide retirement benefits for their employees. This lack of resources means most small employers offer less comprehensive benefits than their big business counterparts, putting them at a disadvantage when it comes to attracting and retaining talent. The Secure Savings Plan, however, would help address this problem and make it easier for small businesses to compete with bigger businesses for the best employees.
Small business owners care deeply about the well being of their employees, which is why they support programs that are good for their workers and their bottom line. In fact, scientific opinion polling released by Small Business Majority and AARP found 58 percent of small business owners in Colorado support a privately managed state retirement savings program that would benefit private-sector employees. Nearly seven in 10 (69 percent) believe offering such a program makes small businesses more competitive by helping them attract and retain talented employees.
Without the Secure Savings Plan small firms will continue to have difficulty keeping pace with their big business counterparts. We hope Gov. Polis will sign this Secure Savings program legislation soon.
About Small Business Majority
Small Business Majority was founded and is run by small business owners to ensure America’s entrepreneurs are a key part of a thriving and inclusive economy. We actively engage our network of more than 58,000 small business owners in support of public policy solutions and deliver information and resources to entrepreneurs that promote small business growth. Our extensive scientific polling, focus groups and economic research help us educate and inform policymakers, the media and other stakeholders about key issues impacting small businesses and freelancers. Learn more about us on our website and follow us on Twitter, Facebook and Instagram.