(1) There is hereby created in the office of the state treasurer the Colorado secure savings program board to create and implement the Colorado secure savings program.
(2) The board consists of the following nine members: (a) The state treasurer or the treasurer's designee; and (b) Eight members appointed by the governor as follows:
Five public representatives with expertise in investment or retirement savings planadministration, including the day-to-day operations of plans, maintaining individual accounts, investing assets in a retirement savings plan, and individual financial planning, at least one of whom shall be a representative of a federally chartered bank and at least one of whom shall be a representative of a state chartered bank;
A representative of employers;
A representative of employees; and(IV) A retired Colorado resident.
In making appointments to the board, the governor shall make a concerted effort toinclude members of diverse political, racial, cultural, income, and ability groups and members from urban and rural areas of the state. The governor shall appoint board members as soon as practicable.
The state treasurer or the treasurer's designee shall serve as the chair of the board.The members shall elect from among themselves any other officers as may be necessary for the board to carry out its duties and responsibilities.
A vacancy in the term of an appointed board member shall be filled for the balanceof the unexpired term in the same manner as the original appointment.
Members of the board shall serve without compensation but may be reimbursed foractual and necessary expenses incurred in connection with their board duties.
The term of any member appointed by the board prior to September 15, 2020, shallexpire on September 14, 2020. The governor shall make new appointments to the board for terms beginning September 15, 2020, and any member appointed to the board for a term beginning on or after September 15, 2020, shall serve a four-year term; except that members of the board appointed by the governor serve at the pleasure of the governor. A member is eligible for reappointment for an additional two terms.
An individual shall not be or continue to be a member of the board if that individualhas been adjudicated of violating any provisions of this article 54.3 or has been convicted of a felony or crime involving the misappropriation of funds.
The members of the board, any other agents appointed or engaged by the board, andall persons serving as staff, shall discharge their duties with respect to the analyses solely in the interest of the state and shall not engage in any activities that might result in a conflict of interest with their duties as members of the board.
Source: L. 2019: Entire article added, (SB 19-173), ch. 236, p. 2342, § 2, effective May 20. L. 2020: (1) and (7) amended, (SB 20-200), ch. 295, p. 1460, § 4, effective July 14.
Cross references: For the legislative declaration in SB 20-200, see section 1 of chapter 295, Session Laws of Colorado 2020.