Colorado SecureSavings: What small businesses need to know

Colorado SecureSavings is a new state workplace retirement savings program created by the Colorado SecureSavings Board. The program is designed to help Colorado employers and employees set automatic payroll contributions to a Roth Individual Retirement Account (IRA) account and save for the future. Colorado SecureSavings is an added benefit to offer and comes at no cost to employers. 

Below is an overview of what small businesses need to know about the program.

Who qualifies for the Colorado SecureSavings?

  • All Colorado employers who have been in business for at least 2 years and have 5 or more employees are required by Colorado law to provide a qualified retirement plan.  
  • Any business that is not required by law to provide a retirement savings plan can still utilize the Colorado SecureSavings Program for themselves and their employees.
  • This program is available to self-employed businesses and ITIN filers in Colorado.

How does the program impact small businesses?

  • Employers can use the Colorado SecureSavings Program or buy into a private retirement savings plan.
  • Colorado SecureSavings has no cost to employers and is fast and easy to implement. 
  • Many small businesses would like to offer retirement plans to their employees—to help attract a talented workforce and boost employee morale—but can’t afford the overhead and administrative costs. Colorado SecureSavings provides a way for small businesses to offer their employees access to a retirement savings program without incurring the associated burdens of employer-sponsored retirement programs.
  • Colorado SecureSavings has portability for employees, meaning they can change their job and their retirement savings can follow.
  • The time commitment to registering and administering the program for employees is low. Colorado SecureSavings works seamlessly with your payroll process.

When can small employers enroll in the program?

Registration for Colorado SecureSavings is now open to all eligible employers. You can get started here.

Where can small employers find more information?