Colorado’s state retirement savings program
Colorado state law requires that businesses meeting specific requirements must offer either the state-facilitated retirement program or a qualified alternative to employees meeting specific requirements.We’re here to help you or your clients stay in compliance. Reach out to the ePlan Services team today to learn more about Colorado’s retirement mandate and set up a plan in 24 hours.
What to know about Colorado SecureSavings
Colorado Secure Savings is Colorado’s retirement savings program. Here are the basics:
- Program Status: Open for enrollment
- Employer Participation: Mandatory
- Program Type: Roth IRA (Traditional IRA option for alternative election)
- Penalty: $100/employee (up to a maximum of $5,000/year) for failure to enroll
- Employer Requirements: Employers who have been in business for 2+ years, have 5+ employee, and do not offer a qualified retirement plan; self-employed individuals may voluntarily enroll
- State Website: Colorado SecureSavings
ePlan Services vs. Colorado SecureSavings
See how California’s retirement savings program measures up against an ePlan Services 401(k)
Potential for up to $5,000 start up credit and $500 automatic enrollment credit for 3 years, plus available employer contribution credit of up to $1,000 per employee
Roth IRAs do not qualify
Yes
Matching is not permitted
Yes
The state manages the plan solely
Yes
Restricted options
$24,500
+ $8,000 (age 50-59, 64+) or $11,250 (age 60-63) in catch-up contributions
$7,500
+ $1,100 in catch-up contributions (age 50+)
Meet your regional wholesaler
Quick and easy plan setup
Plan setup can be easily completed online so you can focus on helping more clients.
Higher contribution rates
401(k) retirement accounts have higher contribution limits than IRAs—putting more in your clients’ pockets down the road.
Potential tax breaks
SECURE Act offers tax credits to employers who start plans, add an auto-enrollment feature, or make contributions.
