What does the administrative fee pay for?
It covers all administrative costs associated with the program, such as the cost of maintaining your account, oversight of the program’s investments, providing customer service, keeping records, online and phone services, and the operating expenses of the underlying investment funds in which the...
What happens if I opt out?
You can opt out at any time. If you opt out within the 30-day period after the program notifies you about being enrolled, no payroll deductions will be made from your paycheck, and your account will not be activated. If you choose to stop participating after contributions have begun, payroll...
What happens to my account if I change employers?
Your Colorado SecureSavings account belongs to you. Your money remains in your retirement savings account under your control. If your new employer facilitates the program, Colorado SecureSavings will notify you and payroll contributions will begin at your new job. You can also opt out at any time....
What happens to my account if I move out of state?
Your Colorado SecureSavings account belongs to you. If you continue to work for an employer that facilitates Colorado SecureSavings, you can continue to participate and continue payroll contributions. If a new employer doesn’t facilitate the program, you can make contributions directly from your...
What happens to my money if I die with no named beneficiaries?
If you die and have no named beneficiaries, the account will be payable to your estate under the terms of the IRA. Accounts that become unclaimed property will be subject to applicable law.
What if an employee already has a Colorado SecureSavings account through another employer?
No worries. Just provide basic information about the employee, and Colorado SecureSavings will use the information to direct new contributions to the employee’s existing account.
What if an employee asks me for advice about the program or its investment options?
You should not provide any advice about the program or investments. Your responsibility is to facilitate the program only. Instead, advise the employee to visit ColoradoSecureSavings.com or call 1-844-711-5001. You could also suggest that the employee speak to a competent financial or tax advisor.
What if I already offer a qualified retirement account?
Employers that offer a qualified retirement plan are not required to participate in the program, but they need to certify their exemption. Simply start the process by providing your EIN and your Access Code. Then, in the space provided, certify that you offer a plan.
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...
What if there are only a few employees at my workplace?
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.