SJR 21

                                                                     2026
SENATE JOINT RESOLUTION 26-016
BY SENATOR(S) Lindstedt, Amabile, Baisley, Ball, Benavidez, Bridges,
Bright, Carson, Catlin, Cutter, Daugherty, Exum, Frizell, Gonzales J.,
Himichsen, Jodeh, Kipp, Kirkmeyer, Kolker, Liston, Marchman, Mullica,
Pelton B., Pelton R., Rich, Roberts, Rodriguez, Simpson, Snyder, Sullivan,
Wallace, Weissman, Zamora Wilson, Coleman;
also REPRESENTATIVE(S) Stewart R., Bacon, Boesenecker, Brown,
Camacho, Carter, Clifford, Duran, English, Espenoza, Garcia, Goldstein,
Hamrick, Jackson, Joseph, Lindsay, Lukens, Marshall, McCormick, Nguyen,
Phillips, Rutinel, Sirota, Slaugh, Smith, Soper, Stewart K., Story, Titone,
Valdez, Velasco, Willford, Zokaie, McCluskie.
  CONCERNING THE IMPROVEMENT OF  RETIREMENT
READINESS AND FINANCIAL WELL-BEING.
    WHEREAS, Colorado has one of the strongest retirement systems in
the United States. The Colorado public employees' retirement association
(PERA) provides retirement and other benefits to the public employees
of more than 400 government agencies and public entities in Colorado;
and
   WHEREAS, PERA is a substitute for social security for most of these
public employees, offering two plan options: The defined benefit (DB)
plan and the defined contribution (DC) plan. Together, these plans serve
approximately 226,000 active public employees; and
   WHEREAS, PERA also offers voluntary savings plans, the PERAPlus
401 (k) and 457 plans, to eligible public employees who elect to
supplement their DB and DC retirement plans; and
    WHEREAS, A recent study by the Colorado state auditor found that
public employees who chose the PERA DB plan overwhelmingly cited
the guarantee of lifetime income as the primary reason, and employees
who chose the PERA DC plan overwhelmingly cited portability as the
primary reason; and
   WHEREAS, Colorado institutions of higher education have long
offered defined contribution plans with guaranteed lifetime income
investment options for their participants. This was done to ensure these
employees have plan portability with a guaranteed income option; and
    WHEREAS, Evidence from program evaluations indicates that
well-designed financial education in schools and workplaces can increase
knowledge and change key behaviors to improve retirement security,
especially when combined with structural reforms, such as automatic
enrollment, employer match incentives, access to lifetime income options
in default investments within retirement plans, and access to one-on-one
counseling; and·
   WHEREAS, Colorado PERA COil;tinues to be an important driver of
economic activity for the state's economy, providing over $4 billion
annually in retirement contributions to Colorado residents; and
    WHEREAS, Retirement income serves as a reliable economic driver,
generating multiplier effects as beneficiaries' expenditures circulate
through local markets. This consistent spending pattern supports
employment, sustains local businesses, and enhances statewide economic
resilience and diversification; now, therefore,
    Be It Resolved by the Senate of the Seventy-fifth General Assembly of
the State of Colorado, the House ofRepresentatives concurring herein:
    (1) That the Colorado General Assembly recognizes the importance
of retirement security for the people and economic viability of Colorado
and encourages workers to seek out financial education to improve their
retirement readiness and confidence so that they may retire with dignity;
and
   (2) That, to help public employees of PERA employers gain access
to an adequate amount of lifetime income, the Colorado General
Assembly should consider adding lifetime income options to the PERA
DC plan and the voluntary savings plans to ensure public employees have
access to guaranteed income in retirement similar to the PERA DB plan
PAGE 2-SENATE JOINT RESOLUTION 26-016
design.
   Be It Further Resolved, That copies of this Joint Resolution be sent to
the members of the Senate Finance Committee, the House Finance
Committee, the Senate Business, Labor, and Technology Committee, the
House Business Affairs and Labor Committee, the Pension Review
Commission, the Pension Review Subcommittee, and the Joint Budget
Committee.
James Rashad Coleman Sr.
PRESIDENT OF  SPEAKER OF THE HOUSE
THE SENATE  OF REPRESENTATIVES
                                            v~v~
E tHer van Mourik
SECRETARY OF  CHIEF CLERK OF THE HOUSE
THE SENATE  OF REPRESENTATIVES
PAGE 3-SENATE JOINT RESOLUTION 26-016