Colorado § 24-54.3-103.5 - Colorado secure savings program board - powers - duties.

§ 24-54.3-103.5. Colorado secure savings program board - powers - duties.

(1) The board shall have the following powers and duties:

(a) To establish, implement, and maintain the program developed pursuant to section 24-54.3-104;

(b) To adopt rules for the general administration of the program;

(c) To direct the state treasurer to hire staff to support the oversight and administration of the program;

(d) To develop an investment policy statement and oversee the investment of the funds contributed to accounts in the program consistent with the investment restrictions established by the board. The investment restrictions shall be consistent with the objectives of the program, and the board shall exercise the judgment and care then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs with due regard to the probable income and level of risk from certain types of investments of money, in accordance with the policies established by the board.

(e) To collect application, account, or administrative fees to defray the costs of administering the program;

(f) To create a grant program to incentivize compliance with the program and defray the costs of small businesses with five to twenty-five employees;

(g) To seek and accept gifts, grants, and donations to be used for the grant program and for the purposes of this article 54.3, unless such gifts, grants, or donations would result in a conflict of interest relating to the solicitation of vendors for program administration;

(h) To make and enter into contracts, agreements, or arrangements, and to retain, employ, and contract for any of the following services considered necessary or desirable, for carrying out the purposes set forth in this article 54.3:

(I) Services of private and public financial institutions, depositories, consultants, investment advisers, investment administrators, and third-party program administrators;

(II) Research, technical, and other services; and

(III) Services of other state agencies to assist the board in its duties;

(i) To set penalties for employers that do not comply with the requirements of the program and work with the department of labor and employment to enforce compliance with the program;

(j) To evaluate the need and procedures, if necessary, for the program, program administration, and board members to have private insurance;

(k) To develop and implement an outreach plan to gain input and disseminate information regarding the program and retirement savings in general;

(l) To assess the feasibility of multi-state or regional agreements to administer the program through shared administrative resources and enter into those agreements if determined beneficial; and

(m) To include financial education as a part of the secure savings program implementation to the extent feasible given available resources.

(2) The board may enter into intergovernmental agreements with the secretary of state, the department of revenue, the department of labor and employment, and any other agency that the board deems appropriate to provide outreach, technical assistance, or compliance services for the purposes of this article 54.3. Any agency that enters into an intergovernmental agreement with the board pursuant to this section shall collaborate with the board to provide the outreach, technical assistance, or compliance services to the board.

Source: L. 2020: Entire section added, (SB 20-200), ch. 295, p. 1461, § 5, effective July 14.

Cross references: For the legislative declaration in SB 20-200, see section 1 of chapter 295, Session Laws of Colorado 2020.