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...
What is a Roth IRA?
A Roth IRA is an Individual Retirement Account that helps you reduce your taxes once you retire. While you’re working, you pay your usual income tax on the money you earn and deposit it into your Roth IRA. Your Roth IRA earns money (interest and/or dividends), and that money is constantly added to...
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...
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.
What is considered to be a qualified, employer-sponsored retirement plan?
An 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...
What is the default contribution rate?
The default contribution is 5% of your gross income (which is the total amount you make in your paycheck before any taxes or deductions are taken out). You can choose to save more, or less, in 1% increments.
What is the difference between registration and enrollment?
You are required to register for Colorado SecureSavings if you do not already offer a qualified retirement plan of your own. Once you have registered for the program, you must enroll your employees so they can review their options under the plan.
What is the Target Retirement Date option?
A Target Retirement Date option is an age-based investment option designed to help manage investment risk and is based on two factors: an investor’s current age and approximate estimated retirement date. This type of option includes a mix of investments — stocks, bonds, and cash equivalents — that...
What steps are taken to keep my account safe from cyber threats?
Colorado SecureSavings has processes in place to protect the security of accounts and protect your personal information. Our program administrator utilizes reasonable security technologies to protect sensitive information in accordance with industry and regulatory standards, which may include...
What was the legislation that created Colorado SecureSavings?
In 2019, the Colorado Legislature enacted SB20-200, which authorized the Colorado SecureSavings Board, the authority responsible for creating Colorado SecureSavings.