For Immediate Release
November 22, 2021
Communications Director & Public Information Officer
Colorado Treasurer Issues Public Warning Against Colorado Secure Savings Program Misinformation
DENVER, COLORADO: Colorado State Treasurer Dave Young warned today that the Colorado Department of Treasury staff have received numerous communications from employers across the state regarding Colorado’s new Secure Savings Program, expressing concern about misinformation circulating that a state requirement for retirement benefits is going into effect in January 2022.
“Sources of misleading information include poorly sourced online resources, inadequately informed sales representatives, as well as general confusion from employers. We want to stress that no changes will take effect in 2022 for Colorado employers. The program is scheduled to begin enrollment in 2023.”
Dave Young, Colorado State Treasurer
Treasury staff have noted that unofficial online sources have promoted confusing, and sometimes conflicting, timelines and program requirements from those established by the Colorado Secure Savings Board. In some cases, the sources have wrongly led employers to believe they are required to purchase expensive or complex retirement products for their employees. Businesses will have the option of enrolling in the Colorado Secure Savings Program at no cost, or complying with their own retirement plan.
“The Colorado Secure Savings Plan will conduct direct outreach to employers and employer representatives well ahead of the program officially taking effect. We want to take this opportunity to remind businesses that state law does not, under any circumstances, require employers to purchase a retirement plan”
Hunter Railey, Director, Colorado Secure Savings Program
The Colorado Secure Savings Program is still in the design phase; however, interested employers and employer representatives may find updated information about the program on the Department’s website at https://treasury.colorado.gov/colorado-secure-savings-program. A pilot launch is expected in October of 2022, with a full program rollout in 2023.
Colorado’s new Secure Savings Program is a retirement savings plan for private sector workers who currently do not have access to workplace retirement savings plans. The partnership will offer an accessible retirement savings option to almost one million Coloradans and their families, more than 40% of the state’s workforce, who do not currently have access to a retirement savings account or plan at work.
Private sector workers, including those who work part-time, are self-employed or seasonal, will have an easy way to save for their future. Instead of being tied to the employer as with a traditional retirement plan, the partnership auto-IRA program will be tied to, and travel with, the employee if they move to a different job.