Get answers to frequently asked questions
Colorado SecureSavings is a retirement savings program created for Colorado’s nearly 940,000 workers without access to employer-sponsored retirement savings plans. Here are answers to many of the common things we’ve been asked. If you have questions beyond these, we’re here to help.
- Who is responsible for choosing the investment options for participants?
The Colorado SecureSavings Board in the Colorado Department of the Treasury is responsible for making decisions about the investment options available to participants of the program.
- Does the program have an investment consultant?
Yes. The program has a private investment consultant that provides input, monitoring, and feedback about investments to the Colorado SecureSavings Board.
- What is the Target Retirement Date option?
A Target Retirement Date option is an age-based investment option designed to help manage investment risk and is based on two factors: an investor’s current age and approximate estimated retirement date. This type of option includes a mix of investments — stocks, bonds, and cash equivalents — that evolve over time to focus on growth for younger investors and to help preserve savings closer to retirement age. Colorado SecureSavings offers a range of Target Retirement Date Options.
- Do I need to report contributions on my employees’ W2s?
No. The Colorado SecureSavings program is structured as a payroll deduction IRA and not as a traditional retirement plan that needs to be reported on your employees’ W2s. The IRA trustee for the Colorado SecureSavings program will file “Form 5498, IRA Contributions Information” with the IRS (as needed for your employees) and will send employees a copy for their records, no later than May 31 of each year.
- Can the State use money from this program to pay for other programs?
No. Employees’ contributions go directly to the Colorado SecureSavings accounts in their names. The State has no access to these contributions, can’t use the money for anything else, and there is no connection to other retirement plans offered by the State.
- Is there a minimum age to be eligible to participate in Colorado SecureSavings?
Yes, your employees must be at least 18 years of age to be enrolled in the program.
- Does Colorado SecureSavings secure funds remitted to the employee accounts?
Colorado SecureSavings has processes in place to protect the security of employee contributions to their accounts. Our program administrator and their affiliates have dedicated security and compliance teams to implement encryption, strict internal protocols and training, and annual independent security audits. And they implement industry-standard account authentication and password protection procedures.
- Are there measures to keep my account safe from cyber threats?
Colorado SecureSavings has processes in place to protect the security of employee accounts and information. Our program administrator utilizes reasonable security technologies to protect sensitive information in accordance with industry and regulatory standards, which may include encryption, two-factor authentication, and automatic logout after a specified period of inactivity.
- How will I know when I can register and enroll my employees?
You’ll receive enrollment communications directly from Colorado SecureSavings via mail or email when the program is open for you to participate. This will also be your chance to certify your exemption from the program if you already offer a qualified retirement savings plan.
- As an employer participating in Colorado SecureSavings, am I allowed to match my employees’ contributions?
No. Employer contributions are not permitted in the Colorado SecureSavings Program.