Heads up! Colorado is implementing a savings program for workers without Employer-Sponsored Retirement Plans. So, what does this mean for you?
What is the Colorado SecureSavings Program?
The Colorado SecureSavings Program is a state-sponsored retirement savings program created to assist employees who do not have access to an employer-sponsored retirement plan in their retirement savings efforts. The law requires all employers in Colorado that have been in business for two or more years, have five or more employees, and do not already have a retirement savings plan in place to facilitate the program by providing their employees the opportunity to save for retirement through payroll deductions.
Under the program, employers who do not offer a retirement plan will be required to automatically enroll eligible employees in the Colorado SecureSavings Plan. Employees can choose to contribute a percentage of their salary or a fixed dollar amount into their account, and the funds will be invested in professionally managed investment portfolios. The Colorado Safe Savings Program is one of a rising number of government-sponsored retirement savings programs designed to assist workers in saving for retirement, especially those who might not have access to standard retirement plans. The program seeks to aid Coloradans in creating a more secure financial future by offering a low-cost, simple-to-use retirement savings option.
With a modest cost and a preset investment plan (depending on the employee's age), the program is designed to be user-friendly, and employees will have the freedom to modify their contribution level and investing approach at any time. Additionally, employees can take their account with them if they switch jobs because the program is transferable.
The Colorado SecureSavings Program gives businesses a convenient way to help employees save for their future. Employer-sponsored retirement plans can help improve worker satisfaction, increase productivity, and reduce employee stress. — The Colorado Department of the Treasury
What do employees need to know about the Colorado SecureSavings Program?
For individuals who are 18 years of age or older, have worked for a Colorado business for at least 180 days (about 6 months), and receive taxable wages in Colorado, the Colorado SecureSavings Program offers a portable retirement plan. The default rate withheld from each paycheck will be 5% with an auto-escalation each year of 1% with a ceiling of 8%. Employees will be automatically enrolled in the program but can choose not to participate by accessing their accounts to opt-out.
** Learn more about the Colorado SecureSavings Program at coloradosecuresavings.com **
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