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.

Why does a program like this exist?

The retirement savings crisis is a serious problem in the United States. In fact, nearly 70% of Americans are concerned that they don’t have enough money for retirement.1 In Colorado alone, nearly 940,000 workers don’t have access to a qualified retirement savings plan at work, and the State moved quickly to provide expanded access to easy retirement savings through the workplace.

1. “Mind Over Money.” Capital One, 27 Jan. 2020,

Why isn’t there a national program like this?

While Congress has not passed legislation for a nationwide program, several states, including Colorado, are establishing their own retirement savings programs to help workers save now.

Is Colorado SecureSavings the same as an employer retirement plan?

Not at all. Colorado employers are mandated by state law to facilitate this state-facilitated savings program for employees, when the employer does not offer its own retirement plan.

What benefits does the program offer and why was it implemented?

Too many employees in Colorado lack access to a qualified retirement savings plan at work. The Colorado Legislature passed a law that created Colorado SecureSavings to make it easier for more workers to save for their retirement. The program specifically aims to lower the barriers of participating by using automatic enrollment and allows employees to save easily through payroll contributions to a Roth IRA.

Does the program provide information and consumer protections to participants?

Yes, Colorado SecureSavings helps ensure that employees have more choices, more information, and easier access to retirement savings accounts. Consumer protections are included in the program and may be enforced by appropriate State agencies.

Can the State use money from this program to fund other programs?

No. The money is yours, and only you can access your savings. Your assets are remitted directly to Colorado SecureSavings on your behalf and are credited directly to your account. The State cannot access your account for other purposes and your account is not tied to any other retirement plans offered by the State.

What was the legislation that created the Colorado SecureSavings program?

In 2019, the Colorado Legislature enacted SB19-173, which authorized the Colorado SecureSavings Board [LINK TO: ], the authority responsible for creating Colorado SecureSavings.

What if there are only a few employees at my workplace?

Employers must facilitate a qualified, employer-sponsored retirement plan if they have at least five W-2 employees who have worked for them for at least 180 days.

If I do not have earned income, can I still join Colorado SecureSavings?

No, to qualify for any IRA under IRS regulations you need earned income.