Secure Choice Retirement Program Will Help Colorado’s Small Businesses
Statement by Tim Gaudette, Colorado Outreach Manager for Small Business Majority, on why the Colorado House’s vote today to pass retirement savings legislation will benefit small employers in the state
The Colorado House of Representatives’ decision today to approve HB17-1290, the Colorado Secure Choice Savings Plan, will help small employers that struggle to provide retirement benefits to their employees.
The Secure Choice Savings Plan seeks to establish a public-private partnership that would allow private-sector employees to contribute to an individual retirement savings account through modest payroll deductions. This would help small business owners offer retirement savings benefits with minimal requirements on their businesses.
Many small business owners think of their employees as family, so it’s not surprising they support programs that enable them to foster a happier workforce while protecting their workers and their bottom line. In fact, recent scientific opinion polling recently released by Small Business Majority and AARP found almost three in five small business owners in Colorado (58 percent) support a privately managed state retirement savings program that would help small businesses offer employees a way to save for the future. Nearly seven in 10 (69 percent) believe offering such a program makes small businesses more competitive by helping them attract and retain talented employees.
Unfortunately, many small business owners simply do not have the resources to provide a workplace savings account for their employees. That is why they need a program like Secure Choice; without it, they will continue to have difficulty keeping pace with their big business counterparts. We urge Senate lawmakers to move forward with this legislation to support Colorado small businesses.
About Small Business Majority
Small Business Majority was founded and is run by small business owners to focus on solving the biggest problems facing small businesses today. Since 2005, we have actively engaged small business owners and policymakers in support of public policy solutions, and have delivered information and resources to entrepreneurs that promote small business growth and drive a strong economy. We regularly engage our network of 55,000 small business owners along with a formal strategic partnership program of more than 150 business organizations, enabling us to reach more than 500,000 entrepreneurs. 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, including access to capital, taxes, healthcare, retirement, entrepreneurship and workforce development. Learn more about us on our website and follow us on Twitter, Facebook and Instagram.