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.

What if I don’t select investments for my account?

Program participants who are enrolled using the default savings choices and who do not make any investment selections will have their funds invested automatically in the Capital Preservation option until 30 days have passed after an initial contribution has been made. Then, after 30 days, all funds will be exchanged and contributed automatically to an age-appropriate appropriate Target Retirement Date option.

How can I learn more about investment options?

You can get general information about the options here, or talk to a financial advisor about your investment options.

Who is responsible for choosing the available investment options?

The Colorado SecureSavings Board, whose mission is to “promote and enhance retirement savings for private sector employees in the State,” is responsible for making decisions about the investment options available in the program.

Which company is administering the program?

The Colorado SecureSavings Board has selected Vestwell State Savings, LLC, dba Sumday Administration, as the program’s new administrator. Vestwell State Savings, LLC, is a wholly owned subsidiary of the Vestwell Holdings, Inc. Sumday is an experienced retirement and college savings services provider and will act as the IRA trustee, manage account records, operate the website, receive and process retirement contributions and distributions, and provide customer service.

What is a Target Retirement Date option?

Each Target Retirement Date Option has a specific “target date” (e.g., 2035, 2045, 2055) and invests in a mix of stocks and bond funds based on how far away it is from its target date. Certain funds have been created to drive growth for younger investors who can take more risk and become more conservative over time to help investors preserve savings as the funds near their target dates. Target Retirement Date Options are available for savers of all ages, and are usually selected by picking the fund that is closest to the year in which the investor would turn 65. Colorado SecureSavings offers a range of Target Retirement Date Options.

Will my money be pooled with money from other city, state, or federal programs?

It will not. Your money is yours and does not belong to anyone else. During the time you participate in the Colorado SecureSavings retirement savings program, your money will be pooled with other Colorado SecureSavings participants and invested only in the Investment Options for this program. You have complete control of your account, which is tracked individually so that you always know how much is in your account.

Where do my automatic contributions go?

They’re deposited into a Roth IRA that is yours to keep for life and that you control completely.

What is the default contribution rate?

The default contribution is 5% of your gross income (which is the total amount you make in your paycheck before any taxes or deductions are taken out). You can choose to save more, or less, in 1% increments.

Can I contribute a set dollar amount per paycheck instead of a percentage?

Sorry, at this time you can only contribute a percentage through payroll deductions. If you’d rather contribute a dollar amount on a recurring monthly schedule, you will have to add a bank account to your Colorado SecureSavings account and contribute that way.

Can I have a Colorado SecureSavings account plus another retirement savings plan?

You can contribute to more than one savings plan or account at a time. But remember, the IRS contribution limits are cumulative for all Traditional and Roth IRAs owned by an individual.