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 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.
Do other states have programs like Colorado SecureSavings?: Yes, similar programs are up and running in other states, including California, Oregon, Connecticut, Maryland, and Illinois. And many other states are about to launch state-facilitated retirement savings programs or are in the process of passing legislation to support them, including Virginia, Delaware, and New Mexico, among others.
Do employers have to facilitate Colorado SecureSavings?: Yes. An employer is required to facilitate the Colorado SecureSavings retirement savings program if:
Their business is registered to conduct business in the state of Colorado
They have at least five W-2 employees who have worked for them for at least 180 days
They have been in business for two or more years; and
They don’t currently offer a qualified retirement savings program to employees
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.
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.