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.
- When can I register?
All eligible Colorado are currently able to register for Colorado SecureSavings. There is no need to wait until their deadline. As your deadline approaches, we’ll send you an invite and reminder via email or mail. Then, simply enter your EIN and the Access Code that we send you. Until then, learn more about the program and prepare to offer your employees this retirement savings opportunity. You can also download the Registration Checklist here.
- What if I already offer a qualified retirement account?
Employers that offer a qualified retirement plan are not required to participate in the program, but they need to certify their exemption. Simply start the process by providing your EIN and your Access Code. Then, in the space provided, certify that you offer a plan.
- How does enrollment work?
First, you’ll be asked to provide certain information about your business and employees. We ask only for the basic information necessary to set you up as an employer and to set up your employees' accounts. Once added to the program, your employees will receive information, including instructions on how to make account changes or opt-out if they wish. After that, you’ll start the payroll contributions for the employees who choose to stay in the program.
- How long does it take to complete enrollment online?
That depends on how many employees you have and whether you enter their information manually or use the batch upload feature or payroll system integration for multiple employees. Once employees are entered into the system, just update your payroll processing to include employee contributions, which are seamlessly deposited into each employee’s account.
- Does the State have printed or electronic materials to help my employees understand the benefits?
Yes. There are educational materials you can send to employees electronically or print and share with them.
- How are accounts tracked?
Accounts are securely tracked using tax ID numbers or Social Security numbers.
- What do employees need to do after I enroll them?
Your employees will receive information directly from the Colorado SecureSavings program and can choose to stay automatically enrolled in Colorado SecureSavings or opt out; they have 30 days to decide after you add them to the program. If they stay enrolled, the payroll deductions that they elect and that you set up for them in your employer portal will start as soon as your next payroll. If they choose to opt out, they will be removed automatically from the program and can always rejoin later.
- What if an employee already has a Colorado SecureSavings account through another employer?
No worries. Just provide basic information about the employee, and Colorado SecureSavings will use the information to direct new contributions to the employee’s existing account.
- What does automatic enrollment mean?
It means that if an employee takes no action during the 30 day opt-out window for the program, a Roth IRA will be opened in their name and their payroll contributions will start. Employees who are automatically enrolled in the program will have the default contribution settings elected.
- What if an employee asks me for advice about the program or its investment options?
You should not provide any advice about the program or investments. Your responsibility is to facilitate the program only. Instead, advise the employee to visit ColoradoSecureSavings.com or call 1-844-711-5001. You could also suggest that the employee speak to a competent financial or tax advisor.