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Colorado SecureSavings is Colorado’s state-facilitated retirement savings program for workers who do not have access to a qualified workplace retirement plan. Certain employers must register for the program and facilitate employee payroll contributions unless they qualify for an exemption.
Colorado SecureSavings is a state-facilitated retirement savings program that gives eligible workers a way to save for retirement through payroll deductions. Participating employees contribute to their own Roth IRA, and the account stays with them if they change jobs.
Colorado employers generally must facilitate the program if they have been in business for at least two years, had five or more employees during the previous calendar year, and do not offer a qualified retirement plan. Employers that already offer a qualifying plan, have fewer than five employees, or have been in business for less than two years can certify their exemption instead.
Eligible employees are automatically enrolled unless they choose to opt out. The program's default contribution rate is 5 percent of gross pay, deducted after taxes, although employees can change their contribution rate or opt out at any time.
The employer's role is mainly administrative. Employers provide employee information, set up payroll deductions, send employee contributions to the program, and keep payroll and employee records up to date. Employers do not make matching contributions and do not have fiduciary responsibility for employee investment decisions.
Colorado SecureSavings is Colorado's state-facilitated retirement savings program. It helps eligible workers save for retirement through automatic payroll contributions to a Roth IRA when they don't have access to a qualified retirement plan through their employer.
Colorado employers generally must facilitate Colorado SecureSavings if they have been in business for at least two years, had five or more employees during the previous calendar year, and don't offer a qualified retirement plan.
No. Eligible employees are automatically enrolled, but participation is voluntary. Employees can opt out or change their contribution rate through the program.
No. Employee accounts are funded through payroll deductions, and employers are not permitted to contribute or provide matching contributions through the program.
The default contribution rate is 5 percent of gross pay. Employees can choose a different rate, and the program's default settings include an annual 1 percent increase up to 8 percent unless the employee makes another election.
Employees generally become eligible after they have worked for the employer for at least 180 days. Employers then provide the required employee information so the enrollment process can begin.