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, low pressure conversation on what maybe the best path forward for your company to meet the new Colorado requirements 

https://coloradosecuresavings.com/