What is it:  Colorado General Assembly passed a law requiring certain employers to have a retirement plan in place or use the Colorado Secure Savings Program.

Who:  Colorado employers with 5 employees or more.  Those with current 401k or other qualified savings plans are not required and have the option to opt out.

When: Staring in 2023 this will be a required, the pilot program started October of 2022 

What are my options as an employer in Colorado with 5 or more employees?

401(k): One of the most popular employee sponsored retirement plans
    • Pros: High contribution limits, no required employee match in many cases, Roth option, flexible vesting in many cases.
    •  Cons: There are fixed costs for the plan, filing requirements.
Simple IRA: Popular plan for many small companies and non profits
    • Pros: No set up or annual plan expenses, employee has their own investment choices, no filing requirements.
    • Cons: Lower contribution limits, immediate vesting, mandatory matching requirements for employers.
Colorado Secure Savings Program: This is the State option
    • Pros: No cost to the employer, no required match.
    • Cons: Government mandated program, new program (hasn’t been tested), filing requirements with the State.
Other options: There are a few other options depending on your company or organization that meet the requirements to opt out of the State plan

Call or email for a free, no-pressure conversation on what maybe the best path forward for your company to meet the new Colorado requirements.