Get answers to frequently asked questions
Colorado’s new state-facilitated retirement savings program was created to help the nearly 940,000 workers in Colorado without access to employer-sponsored retirement plans. We understand you’ll have questions. Here are the answers to some frequently asked questions. If you have additional questions, we’re here to help.
- Account Access
- Contributions
- Eligibility
- Employer Registration
- Fees and Costs
- General
- Investments
- Linking Bank Accounts
- Saver's Credit
- Security
- Tax Forms
- Withdrawals
- Does this program replace 401(k)s?
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No, this program is not meant to replace or compete with 401(k)s or other qualified retirement plans. Employers that offer a qualified retirement plan can certify exemption from the program.
- Will services be available in other languages?
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Yes, the call center will offer assistance in English and Spanish and will have access to translation services for other languages. Certain program information and materials will also be available in Spanish.
- Where should I turn if I have an issue or concern with a Colorado SecureSavings account?
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We're available to answer any questions or concerns you may have. Whether you want to call, email, or send us something by mail, you can find our contact information here.
- Are there legal protections from creditors for my funds?
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Your account is structured as an IRA and may be protected from creditors. Circumstances vary, and you should consult with an appropriate expert if you need specific guidance.
- What steps are taken to keep my account safe from cyber threats?
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Colorado SecureSavings has processes in place to protect the security of accounts and protect your personal 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.
- Does Colorado SecureSavings protect the security of funds deposited into my account?
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Yes, Colorado SecureSavings has processes in place to protect the security of contributions to your account. 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.
- Is my personal information reported to government agencies to determine immigration status?
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No, reports are not made for the purpose of determining immigration status.
- How does the Colorado SecureSavings program work?
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Colorado SecureSavings offers a simple way to save for retirement. If your employer is registered for the program, you can save through automatic payroll contributions from your paycheck. The default savings rate for a Colorado SecureSavings account is 5% of your gross pay (the amount you earn before taxes or any other deductions). You can change your savings rate at any time. This contribution amount is then deducted from your paycheck after taxes have been taken out and contributed into your account — a Roth Individual Retirement Account (IRA). The program is facilitated by your employer but is totally under your control.
- How do I join Colorado SecureSavings?
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If your employer facilitates Colorado SecureSavings, they will add you to the program and you’ll receive a notice from us. After 30 days, you’ll be enrolled automatically and start saving right away, with the money going into a default investment selection based on your date of retirement. If you’re self-employed or don’t work for an employer registered with Colorado SecureSavings, you can sign yourself up and contribute directly to your IRA via automatic contributions from your bank account. Participation in Colorado SecureSavings is completely voluntary for you. You can opt out or back in whenever it works best for you.
- What is a Roth IRA?
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A Roth IRA is an Individual Retirement Account that helps you reduce your taxes once you retire. While you’re working, you pay your usual income tax on the money you earn and deposit it into your Roth IRA. Your Roth IRA earns money (interest and/or dividends), and that money is constantly added to your contributions. When you retire and start taking money out of your Roth IRA (like you’re paying yourself), there are no taxes. In other words, all the interest that your account earns over the years is tax-free. And that’s a big deal. For even more details on Roth IRAs you can visit the Internal Revenue Service (IRS) website.