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Do employees need to fill out paperwork to enroll or make changes?
Employees are enrolled automatically and do not need to fill out any paperwork. Once enrolled, employees can manage most account functions online. But, if needed, there are paper forms available for certain account changes; these forms can be downloaded, filled out, and sent in. Our customer...
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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...
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Do employers have to facilitate this State program?
Yes. Under Colorado law, Colorado employers will be required to offer their employees some sort of retirement savings. This can be a traditional pension, a 401(k) plan, a 403(b) plan, a SEP Plan, a SIMPLE IRA plan, a governmental deferred compensation plan — or an account from Colorado...
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Do family members who work for my business count as employees?
Yes, they can participate if they are considered to be employees for tax purposes.
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Do I need to facilitate the program if I only have a small number of employees?
Yes. Employers with at least five W-2 employees (who have worked for you or at least 180 days) must facilitate the State's program if they don't offer a qualified, employer-sponsored retirement plan.
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Do I need to offer the program to work-study students?
Nope. You do not need to facilitate the program for full-time students in work-study programs.
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Do I need to report contributions on my employees’ W2s?
No. The Colorado SecureSavings program is structured as a payroll deduction IRA and not as a traditional retirement plan that needs to be reported on your employees’ W2s. The IRA trustee for the Colorado SecureSavings program will file “Form 5498, IRA Contributions Information” with the IRS (as...
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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,...
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Do other states have programs like this?
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,...
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Do payroll deduction IRAs count as a qualified, employer-sponsored retirement plan?
No. Payroll deduction IRAs are not qualified retirement plans as defined by either federal or Colorado state statutes.
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