Colorado is taking steps to make retirement savings more accessible for workers across the state.
The Colorado SecureSavings program, created by the State Treasurer’s Office, provides a new way for employees, self-employed individuals, and others to save for their future.
With this initiative, the state aims to address the growing retirement savings gap among Coloradans.
Expanding Retirement Savings Options
Many private-sector workers in Colorado lacked access to retirement savings plans before the launch of Colorado SecureSavings.
The program was designed to help over 40% of employees who didn’t have workplace retirement options, ensuring they have a way to build financial security.
Colorado SecureSavings offers Roth Individual Retirement Accounts (IRAs) that are portable, meaning savers can take them wherever their career path leads.
This flexibility makes it an ideal solution for workers who may switch jobs or work independently while still planning for their future.
Benefits for Employers and Savers
Employers can take part in the program without worrying about added costs or administrative headaches.
The process integrates smoothly with existing payroll systems, making it an easy way for businesses to provide valuable benefits to employees.
Savers benefit from a secure and simple way to contribute toward retirement.
They can choose how much to save, adjust contributions as needed, and even opt out of the program if they choose.
Support tools, including online resources and customer service, make managing accounts straightforward and accessible.
Program Administration and Key Details
The Colorado SecureSavings program is managed by the Colorado Secure Savings Program Board, with day-to-day operations handled by Vestwell and The Bank of New York.
While the program offers professional management of investments, funds are not insured by the FDIC or state entities, meaning savers take on market risks.
Participation is entirely voluntary, and the program is designed to be user-friendly.
However, participants are encouraged to seek advice about tax implications and investment choices to ensure the program aligns with their financial goals.
By offering this program, Colorado is providing its workforce with a path toward a more secure retirement.
