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h_bus_2018a_2018-04-05t13:47:07z1 Hearing Summary




PUBLIC
BILL SUMMARY For HB18-1298

HOUSE COMMITTEE ON BUSINESS AFFAIRS AND LABOR
Date Apr 5, 2018      
Location LSB A



HB18-1298 - Committee Discussion Only

02:47:19 PM  

Representatives Pettersen and Bridges introduced House Bill 18-1298. The bill establishes the Colorado Secure Savings Plan, which is a retirement savings plan for private-sector employees in the form of an automatic enrollment payroll deduction individual retirement account. Representative Bridges distributed a letter to the committee (Attachment E). Representatives Pettersen and Bridges responded to questions from the committee.

03:04:27 PM  
Committee discussion continued.
03:09:32 PM  
Representative Bridges and Pettersen continued to respond to committee questions.
03:28:37 PM  

Pete Turner, Illegal Pete's and Good Business Colorado, testified in support of the bill.

03:35:26 PM  
Rich Jones, Bell Policy Center, testified in support of the bill and distributed four handouts to the committee (Attachments F, G, H and I). He responded to questions from the committee.
03:44:33 PM  
Mr. Turner responded to questions from the committee.
03:45:45 PM  
Mr. Jones responded to questions from the committee.
03:53:12 PM  
Jenifer Waller, Colorado Bankers Association,
testified regarding the Employee Retirement Income Security Act, other
states that have implemented similar legislation, and employer responsibilities
in administering the plan.  She responded to questions from the committee.
03:57:22 PM  

Jenny Engle, Fidelity Investments, testified regarding concerns with the bill.

04:02:32 PM  
Miz Cordero, Denver Metro Chamber of Commerce and Colorado Competitive Council, testified in opposition to the bill.
04:05:39 PM  

Tony Gagliardi, National Federation of Independent Business, testified in opposition to the bill and distributed a handout to the committee (Attachment J).

04:08:40 PM  
Ms. Engle responded to questions from the committee.
04:10:23 PM  
Carl Larson, National Association of Insurance and Financial Advisors, testified in opposition to the bill.
04:12:12 PM  
Emily Ibach, Colorado Farm Bureau, testified in opposition to the bill.
04:15:15 PM  

Robert Golden, South Metro Denver Chamber of Commerce, testified in opposition to the bill.

04:17:50 PM  

Loren Furman, Colorado Association of Commerce and Industry, testified in opposition to the bill.

04:21:10 PM  

Jim Hall, American Council of Life Insurers, testified in opposition to the bill.

04:25:29 PM  

Demetrius Johnson, NAACP, testified in support of the bill.

04:28:57 PM  
Phil Steckley, AARP, testified in support of the bill.
04:32:00 PM  
Hunter Railey, Small Business Majority,
testified in support of the bill.
04:35:27 PM  
Mr. Johnson and Mr. Steckley responded to questions from the committee.
04:44:35 PM  
Ken Jacobs, Good Business Colorado, testified in support of the bill.
04:47:41 PM  
Ed Shackelford, Colorado Senior Lobby, testified in support
of the bill and distributed a handout to the committee (Attachment K).
04:50:43 PM  
Bre Andrews, Colorado AFL-CIO, testified in support of the bill.
04:53:18 PM  
Mr. Jacobs responded to questions from the committee.
04:59:22 PM  

Scott Wasserman, Bell Policy Center, testified in support of the bill and distributed a handout to the committee (Attachment L). He responded to questions from the committee.

05:03:13 PM  
The bill was laid over for action.