In the continuing tradition of passing bills that go into effect years later- this requirement on employers with 5 or more employees is also going in effect.
You need to pay attention to this if:
(1) have five or more employees who have worked for the employer for at least 180 days,
(2) have been in business for two or more years, and
(3) do not offer a retirement savings program to any employees, are to register with the program.
The state website is functionally light on details but basically:
The pilot of the Colorado SecureSavings, the Centennial State’s state-sponsored retirement savings program for those whose employers do not offer a retirement plan, launched in October..
The pilot will not be broadly open; the Colorado Secure Savings Board is set to work with a select group of Colorado businesses to take part in an exclusive pilot of the program.
As part of the preparations for the pilot and the full launch, the program’s online presence has been enhanced. The program’s new mini-website provides an overview of the program, as well as discussions of employers’ roles and responsibilities, and the processes by which they are to begin participating.
Gov. Jared Polis (D) on July 14, 2020 signed into law the measure creating the Colorado Secure Savings Program. Employers that (1) have five or more employees who have worked for the employer for at least 180 days, (2) have been in business for two or more years, and (3) do not offer a retirement savings program to any employees, are to register with the program.
https://coloradosecuresavings.
Help your employees save for the future
Colorado SecureSavings can help your business and employees thrive
Colorado SecureSavings is Colorado’s new state-sponsored retirement savings program. This program will give businesses like yours an easy way to help employees save for the future, and it benefits you, too. What’s more, it’s voluntary for employees — they can stay automatically enrolled or opt out and re-enroll later.
Our Pilot Program is due to launch this October. We already have enough Pilot participants, but the official launch of the Colorado SecureSavings Program will open in early 2023. That is when every Colorado employer with five or more employees will need to facilitate the program if they don’t already offer their own tax-qualified retirement plan.
Colorado will be enforcing enrollment across the state in a series of waves based on a business’s number of employees. Enrollment deadlines for each wave will be posted later this year.