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The act creates the Colorado secure savings program fund in the state treasury to consist of money appropriated by the general assembly, money transferred to the fund by the federal government, money from fees and penalties in connection with the program, any gifts, grants, or donations made to the fund, and any gifts, ...
Colorado SecureSavings gives businesses a convenient way to help employees save for their future. Employer-sponsored retirement plans can help improve worker satisfaction, increase productivity, and reduce employee stress. Here in Colorado, nearly 940,000 workers have no employer-sponsored retirement savings plan.
SecureSavings is a state-sponsored retirement savings program. Eligible employers are required to participate in the program or sponsor another qualified retirement savings plan, such as: 401(k) 403(a) qualified annuity plan.
What does the program cost me? Colorado SecureSavings has an annual asset-based fee of approximately 0.32%. This means you will pay approximately $0.32 for every $100 in your account.
All Colorado employers who have been in business for at least 2 years, have 5 or more employees, and don't offer a qualified retirement plan for their employees are required by law to facilitate Colorado SecureSavings.
Colorado SecureSavings is a completely voluntary program. You can opt out at any time online, by phone, or by completing this form. If you do not opt out your employer will send payroll contributions to your Colorado SecureSavings account. Amounts you save in this account are always your money.
Only workers with a verifiable Individual Tax Identification Number (ITIN) or Social Security number (SSN) can participate in the program. If a worker's information cannot be verified, the worker will not be enrolled, and an account will not be established for him or her.