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
- How is Colorado SecureSavings different from plans like a 401(k) or an IRA?
-
The program is designed to pull together some of the best features of popular employer plans and IRAs. We’re helping to lower barriers like complex administration and high costs that may keep employers from offering a successful retirement savings plan to their employees. With Colorado SecureSavings, employers just facilitate the program – there is no cost to them.
- What is a qualified, employer-sponsored retirement plan?
-
A qualified, employer-sponsored retirement plan includes a plan qualified under Internal Revenue Code sections 401(a) (including a 401(k) plan), qualified annuity plan under section 403(a), tax-sheltered annuity plan under section 403(b), Simplified Employee Pension plan under section 408(k), a SIMPLE IRA plan under section 408(p), or governmental deferred compensation plan under section 457(b). It does not include payroll deduction IRAs.
- Where can I find a copy of the Colorado SecureSavings program rules?
-
The Colorado SecureSavings retirement savings program rules are detailed here.
- Is there a minimum age to participate in the program?
-
Yes, the minimum age to enroll in Colorado SecureSavings is 18.
- Does Colorado SecureSavings have an investment consultant?
-
The program has a private investment consultant that provides input, monitoring, and feedback about investments to the Authority.
- Can the State use money from Colorado SecureSavings to fund other programs?
-
No. Your payroll contributions are deposited directly in your name into your account with Colorado SecureSavings. Neither the State nor anyone else can access your account, and your account is not tied to any other retirement plans the State offers.
- Where should I turn if I have an issue or concern with my Colorado SecureSavings account?
-
We're always available to answer any questions or concerns you may have. Whether you want to call, email, or send us something by mail, you can get our contact information here.
- What is auto escalation?
-
Auto escalation is a default feature of the Colorado SecureSavings retirement savings program. Your contribution amount will increase by 1% in January of each year until a maximum of 8% is reached. You can opt out of auto escalation at any time.
- How will I know when my contributions will auto escalate?
-
Colorado SecureSavings notifies participating savers about auto-escalation prior to any increase.
- Why does the program include an auto escalation of contributions?
-
Colorado SecureSavings aims to improve access to retirement savings accounts for workers and improve outcomes when it comes time to retire. A savings rate of 5% is a good place to start, but employees may need to save more than 5% over time to achieve financial security in retirement. Research shows that people are far more likely to save more if their retirement plan includes automatic increases.