More than 40% of Colorado’s private-sector workforce – an estimated 1.4 million workers – does not have access to an employer-sponsored retirement savings plan at work. 

In 2020, to address the urgent need to help Colorado employees save for a financially secure future, the Colorado General Assembly passed Senate Bill 20-200, establishing the retirement plan requirement and creating the Colorado SecureSavings Program.

State law requires that businesses that have been operating for two or more years and employ five or more workers offer a retirement plan by Dec. 31, 2024. The Colorado Department of the Treasury has mailed reminder letters to employers that have received previous instruction, outlining the steps to register for Colorado SecureSavings or file an exemption. 

Online registration for the program takes 20 minutes or less to complete and the program integrates with businesses’ payroll processes. Workers contribute to Roth IRAs through automatic payroll deductions and can access their savings at any time, even after changing employers. Employees may also opt out of the program within 30 days of enrollment.

The Department of the Treasury urges business owners to take action now to avoid potential financial penalties in 2025. Employers may enroll in Colorado SecureSavings or certify their exemption by visiting the program's employers page.

Visit the Colorado SecureSavings website for information and resources on helping your clients to comply with the Colorado SecureSavings Program requirements.