COLORADO - IMPORTANT STATE ENFORCEMENT INFORMATION FOR BUSINESS OWNERS - COLORADO SECURE SAVINGS PLAN

CWPMA,

As you know Colorado SecuredSavings Program (CSSP) is a new state-sponsored initiative ensuring all Coloradans have an opportunity to save for retirement. Colorado businesses that have been active for 2 or more years, with 5 or more employees are required to take action. As a key stakeholder to businesses in your area, we are reaching out to highlight the upcoming compliance dates, as well as offer our availability to provide any educational resources that might be helpful to your networks.

If a business is in the category described above and already offers a qualifying retirement plan, they must fill out an exemption form online. If they do not offer a qualifying retirement plan, they must complete their enrollment into CSSP no later than December 31, 2023. Their enrollment is only complete after they have begun to run payroll deductions. Failure to meet this deadline may lead to enforcement fines of $100 per employee annually from Colorado Department of Labor and Enforcement (CDLE).

We understand that new regulations can be challenging and we are here to support businesses throughout this process. If you are open to hosting a presentation or receiving educational materials, please reply directly to this email.

CSSP Fact Sheet - Employee (ENG)

CSSP Fact Sheet - Employee (ESP)

CSSP Registration Checklist

Sincerely,