The Colorado Department of the Treasury on Jan. 18 announced that the Colorado SecureSavings Program is open for businesses to register with it.
The Centennial State’s state-sponsored retirement savings program for those whose employers do not offer a retirement plan is intended to provide retirement plan coverage for the up to one million private-sector employees in Colorado who lack access to one through their employers.
That includes those who work part-time, as well as the self-employed; seasonal workers, such as ski instructors and farm workers; and gig economy workers such as drivers for Uber.
“The new SecureSavings program is a critical step to helping more people build long-term financial well-being,” said Colorado State Treasurer Dave Young at a Jan. 18 press conference. Young hailed the program as a means to provide retirement plan access to workers and businesses across Colorado. “This is helping more Coloradans sustainably retire with dignity on their own terms,” he remarked.
“The SecureSavings program ensures that more Coloradans have access to the types of financial services necessary for individuals and families to succeed,” said Colorado SecureSavings Program Director Hunter Railey. “Our pilot program was successful, providing employers and savers across the state with an accessible, easy-to-use system to start saving,” he added.
The Colorado Treasury argues that the program helps small and medium-sized businesses to be competitive by giving them access to a benefits compensation package if they choose not to sponsor their own plans. In addition, it is portable; an employee who has a program account takes it with them if they go to a new employer.