​What the Colorado SecureSavings Retirement Plan Means for Colorado Businesses

Companies registered to do business in Colorado are now required to offer their employees some type of retirement plan.

These plans can include traditional pensions, 401(k) plans, 403(b) plans, SEP plans, SIMPLE IRA plans, or a government-deferred compensation plan.

If an employer doesn’t currently offer any of those plans, they’ll need to take part in the state’s new Colorado SecureSavings program. There’s no cost to employers to take part in the program, and it works with most payroll processing software. Companies can register for the program online.

Colorado SecureSavings is an employee-contribution program, so employers aren’t required to match what their employees save.

Colorado SecureSavings Employer Requirements

• All Colorado employers
• In business for at least two years
• Have five or more employees
• Don’t offer a qualified retirement plan for their employees

Deadlines

• March 15, 2023, for businesses with 50 or more employees
• May 15, 2023, for businesses with 15-49 employees
• June 30, 2023, for businesses with 5-14 employees

If you missed the deadline, you can still register. Businesses that don’t comply with the new rules within a year of the due date will face a penalty of $100 per eligible employee.

If you have questions about how the Colorado Secure Savings program might impact your Colorado business, let us know.