Get answers to frequently asked questions

Colorado SecureSavings does not allow employer contributions. An employer's role is limited to facilitating the program for employees.

Yes, you can, but please consult with a tax expert or financial advisor before making any changes, to better understand any steps to take and restrictions that may apply. Rollovers from pre-tax retirement plans like 401(k)s and 403(b)s will be taxed to convert them from pre-tax to post-tax status for inclusion in a Roth IRA.

Every pay period, your employer will deduct your contribution from your paycheck, based on your set savings rate, and will send your contribution to your personal Colorado SecureSavings account. You can also make your own contributions through your bank account or by check, using a paper mail-in form.

Colorado SecureSavings will monitor your account and notify your employer to stop contributions when you are nearing the limit. However, Colorado SecureSavings will not have information on your contributions to another Roth IRA, or any other IRAs you may have. You should ensure that the total of all your retirement accounts is within the IRS’s annual limits. Please consult a tax expert or financial advisor to discuss your specific circumstances.

The IRS's annual IRA contribution limits apply to the combined amount contributed to all of your IRAs, both Traditional and Roth.

Contributions to Colorado SecureSavings accounts are made on a post-tax basis. The percentage contributed is based on your gross income earned (the amount you make before any taxes or deductions have been taken out) with your facilitating employer. If you also contribute to a Traditional IRA, those contributions may be deductible on your tax return. It may be best to consult with a tax professional to determine what you can or cannot deduct.

Colorado SecureSavings acts as a payroll deduction IRA, not a retirement plan as defined for the W2, so you won’t see your contributions reflected on your W2. Your IRA trustee will file Form 5498 IRA Contributions Information with the IRS, and you will receive a copy no later than May 31. You do not need to file this form with your taxes, but you should keep it with your tax records as documentation of your contributions for a particular tax year.

Your contribution rate is based on your gross income (total income before taxes and other regular deductions are taken).

Yes, contribution limits for IRAs are set by the federal government. For 2024, you can save up to $7,000 per year if you’re younger than 50 and $8,000 per year if you’re 50 or older, as long as you have earned at least that much. If you are contributing to a Roth IRA, you also need to meet certain income levels based on your modified adjusted gross income (MAGI). This contribution limit applies across all IRAs you may have (both Traditional IRAs and Roth IRAs with the State and elsewhere).

There is no upper limit on the percentage of income that can be contributed; however, IRAs have annual contribution limits. Roth IRA contributions may be further limited by your income if it is above certain limits. Your contributions are made post-tax, and your employer can’t deduct more than the amount of your available pay after the employer has made any other payroll deductions that have higher preference as required by law.