It was remarkable to see such a broad spectrum of interests come out in favor of our Secure Savings retirement proposal this year. For organizations like AARP, the NAACP and small business entrepreneurs, the consensus was clear: we’re running out of time to ensure a secure financial future and we need better options. Even the centrist Denver Post editorial board came out in favor of the approach, acknowledging, “When the free market of personal responsibility fails, sometimes government can lend a helping hand...”
Why then, did our multi-phased proposal to create auto-enroll IRA accounts for Colorado die in the state Senate this year? The answer sticks out like a sore thumb. Our nation’s financial services sector sees a clear threat in the emergence of new approach to retirement that gives any working American easy access to a low-fee retirement account.
Our changing economy necessitates that we acknowledge that our old systems for securing benefits like retirement need renewal. They are not providing options for nearly 50 percent of workers. The Secure Savings Plan is a big idea that’s popular with business owners and workers alike, from millennials to older workers. Policy makers need to look beyond short-term interests and have the courage to pursue new ideas. We will continue to put a spotlight on this important issue, developing an even broader coalition and shining a bright light on the entrenched interests that stand in the way of progress.