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
- What if there are only a few employees at my workplace?
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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?
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No, to qualify for any IRA under IRS regulations you need earned income.
- Are there income limits to participate in Colorado SecureSavings?
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Yes, you must determine if you meet federal income limits. If you don’t, you can’t contribute to Roth IRA accounts. Simply put, if you make over a certain amount of income in a given year, you may not be eligible. This income limit is determined by the IRS and is based on something called your Modified Adjusted Gross Income (MAGI). This figure is determined by certain deductions that are removed and, in some cases, added back into your gross income. You can use this worksheet from the IRS to help you calculate your MAGI. Your MAGI will determine how much you are able to contribute to your Roth IRA account. Traditional IRAs do not have an income limit.
- I’m self-employed. Can I set up my own Colorado SecureSavings account?
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Yes, if you are 18 or older, have earned income, are employed in Colorado, and are eligible to contribute to an IRA, you can sign up yourself here. You can set up automatic contributions through your bank account or contribute by check using a mail-in paper form after your account has been set up.
- What are the opt-out and opt-in rules for Colorado SecureSavings?
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You can opt out at any time online, by calling 1-844-711-5001, or by mailing in a completed Opt-Out Form to the program. And you can always rejoin at any time by notifying your employer that you would like to start contributing to your account again.
- Could joining Colorado SecureSavings impact my eligibility for college financial aid?
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Withdrawals from IRAs can jeopardize financial aid for the year following the withdrawal. But, in general, qualified retirement accounts are not counted towards federal financial aid. To be safe though, we suggest you carefully review your own circumstances with a tax expert, financial advisor, or your financial aid office.
- Could joining Colorado SecureSavings impact my eligibility for federal programs like SNAP or TANF?
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In general, qualified retirement accounts are not counted as assets against a person's eligibility. For more information, check with your benefits office.
- Is there a minimum age to participate in the program?
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Yes, the minimum age to enroll in Colorado SecureSavings is 18.