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.

Is investing in Colorado SecureSavings the same as putting money in a bank?

No, there are big differences. Banks offer checking and savings accounts that typically pay less interest and might offer other savings and investment products. Colorado SecureSavings helps you save through payroll contributions to your Roth IRA and allows you to invest in various targeted, market-based investments.

Could I lose my money?

All investing involves some risk, including the risk of losing the money you invest. Colorado SecureSavings lets you choose investments based on your age, the length of time to your retirement, and your risk tolerance. There are other factors to consider. If you don’t have sufficient retirement income you may outlive your savings, and inflation can reduce the value of traditional savings accounts.

Are my investments guaranteed to earn?

All investing involves some risk, and there is no guarantee of earnings. The Colorado SecureSavings program offers a range of investment types to help you choose options that balance different levels of risk. Usually, a Capital Preservation Option will have lower risk and potentially lower rates of return. When considering a fund’s past performance, there is no guarantee of future results.

What about market volatility?

Investing for your retirement means setting a long-term goal to grow your savings. Investments will fluctuate — there’s no way to time your investment activity only to benefit from positive gains. Colorado SecureSavings offers investment options with various risk levels. Choose the one(s) that best fit your risk tolerance.

What about expense ratios and fees?

The expense ratios and other information for the funds used in the Colorado SecureSavings retirement savings program can be found online at:

In addition to the expense ratios, there are also asset-based fees and annual account fees for the Program, regardless of which investment option you choose. These fees and expense ratios go towards managing and running the Colorado SecureSavings retirement savings program and the underlying investments, respectively.

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.