For Immediate Release
10.30.2023
Sheena Kadi
Communications Director & Public Information Officer
sheena.kadi@state.co.us
303-349-8113
Colorado State Treasurer Dave Young Commends Colorado for Leading the Nation in State Partnerships
The Colorado SecureSavings Program and the Maine Retirement Investment Trust have started the first multi-state partnership for retirement savings.
COLORADO: Today, Colorado State Treasurer Dave Young praises the Colorado SecureSavings and Maine Retirement Investment Trust (MERIT) partnership during the last week of National Retirement Security Month.
“Savers in both states will now have a way to save for retirement through payroll deductions at work,” said Dave Young, Colorado State Treasurer. “This will help ensure that people prepare for a sustainable and dignified retirement. I am eager to engage with other states about partnering with Colorado.”
“Colorado demonstrates that smaller population states like Maine do have an affordable option,” said Hunter Railey, Colorado SecureSavings Program Director. “Hopefully more states will consider auto-individual retirement account policies going forward.”
This program was created based on what was learned from other states, focusing on simplicity and accessibility for employers and savers, which other states can adopt. This partnership model is a collaborative approach, increasing the number of people saving for retirement, while allowing each state to keep autonomy with governance. Colorado will be the lead state, and serve as the chair of the advisory committee. The advisory committee is responsible for building consensus with partner states, and working with Vestwell to carry out the strategies developed by the partnership. Vestwell, in partnership with BNY Mellon, serves as the Program Administrator, providing recordkeeping, custodial, and administrative services to employers and employees in Colorado and Maine. The Colorado SecureSavings program is excited and open to more states partnerships. This partnership will help more savers have a dignified retirement. Partner states would need to offer an identical program, and the same investment options. The overall benefit is the more savers the lower fees for Coloradans and Mainers.
The Colorado SecureSavings Program has over 120,000 savers with over $20 million saved. Over 12,700 enrolled employers, with another 22,429 verifying they already offer a program. For more information please visit coloradosecuresavings.com.
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