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.
- Which businesses are eligible to participate in Colorado SecureSavings?
You are eligible to participate in the Colorado SecureSavings Retirement Savings Program if:
Your business is registered to conduct business in the state of Colorado
You have at least five W-2 employees who have worked for you for at least 180 days
You have been in business for two or more years; and
You don’t currently offer a qualified retirement savings program to your employees
If your business already offers a qualified retirement plan to your employees, you are not eligible to participate in Colorado SecureSavings.
- Are my employees who live in other states eligible for Colorado’s program?
Yes, if their employment is based in Colorado.
- If I have employees in multiple states, including Colorado, do I just facilitate the State's program for employees in Colorado?
Yes, you would need to facilitate the program only for employees with income in Colorado.
- Are workers of only certain immigration statuses eligible for the program? What about undocumented workers?
Only workers with a verifiable Individual Tax Identification Number (ITIN) or Social Security number (SSN) can participate in the program. If a worker's information cannot be verified, the worker will not be enrolled, and an account will not be established for him or her.
- Do family members who work for my business count as employees?
Yes, they can participate if they are considered to be employees for tax purposes.
- Do I need to facilitate the program if I only have a small number of employees?
Yes. Employers with at least five W-2 employees (who have worked for you or at least 180 days) must facilitate the State's program if they don't offer a qualified, employer-sponsored retirement plan.
- Do I need to offer the program to work-study students?
Nope. You do not need to facilitate the program for full-time students in work-study programs.
- Do payroll deduction IRAs count as a qualified, employer-sponsored retirement plan?
No. Payroll deduction IRAs are not qualified retirement plans as defined by either federal or Colorado state statutes.
- If I offer my employer-sponsored retirement plan only to some employees but not all, do I have to offer the State's program as well?
No, if you offer an employer-sponsored retirement plan to any of your employees, you will file a certificate of exemption and you will not need to facilitate the State's program.