For Immediate Release
1.18.2023
Sheena Kadi
Communications Director & Public Information Officer
sheena.kadi@state.co.us
303-349-8113
Colorado SecureSavings Program Open for Businesses to Register; Up to one million Coloradans without access to a retirement savings plan at work to benefit from new retirement program
COLORADO: Today, the Colorado SecureSavings Program is excited to officially kick-off the state-run retirement savings plan program.
“The new SecureSavings program is a critical step to helping more people build long-term financial well-being,” said Dave Young, Colorado State Treasurer. “We’re providing retirement plan access to workers and businesses across Colorado through this program. This is helping more Coloradans sustainably retire with dignity on their own terms.”
“We’re a family,” commented Lee Woods, co-owner of Wood’s High Mountain Distillery. “While we want our employees to stay with us forever, we do recognize that they’ll retire at some point. And we want to make sure that they are set up for a sustainable retirement.”
“It’s free to us and easy to use. What more could you ask for?” asked Chris Strowmatt, General Manager of BlueBonnet Restaurant.
The full press conference can be viewed on the Colorado Department of the Treasury Facebook page.
Research conducted by the Colorado Department of the Treasury shows that over 1 million workers across the state - 40% of the private-sector workforce - lack access to workplace retirement savings plans. The Colorado SecureSavings Program provides a simple retirement solution to private-sector employers at no cost.
“We value a collaborative work environment that focuses on retaining staff and helping them grow and develop with us,” said Holly Adinoff, General Manager, Sullivan Scrap Kitchen. “We were excited to participate in the pilot program, especially since it’s free and easy for us to use.”
“(The system) really was pretty slick…This is a very user-friendly website, it was really easy to navigate and figure things out…Honestly this has been such a good experience, just from the administrator side which is almost never the case…This is going to be a very positive thing,” stated HR Director Courtney Imhoff.
“The SecureSavings program ensures that more Coloradans have access to the types of financial services necessary for individuals and families to succeed.” Hunter Railey, Director, Colorado SecureSavings Program, said. “Our pilot program was successful, providing employers and savers across the state with an accessible, easy-to-use system to start saving.”
Private sector workers, including those who work part-time, are self-employed or seasonal, will now have a simple way to save for their future. This means that gig economy workers - drivers for Uber Eats, for example - will be able to plan for a dignified retirement. A self-employed graphic designer can easily enroll in an auto IRA. Ski instructors who work seasonally will have an option to save for retirement. Farm workers who are not offered a 401k option will be able to save and plan for their future.
Instead of being tied to the employer like in a traditional retirement plan, the SecureSavings Program is tied to and travels with the employee if and when they move to a different job. So, if a hairdresser moves from Greeley to Grand Junction, the retirement plan travels with them. No more messy paperwork to roll over or combine retirement plans.
This allows small and medium-sized businesses to be competitive with a broader benefits compensation package. Employers will have the option of sponsoring their own plans, or simply enrolling in the Colorado SecureSavings Program at coloradosecuresavings.com/.
The full press conference can be viewed on the Colorado Department of the Treasury Facebook page.
Colorado SecureSavings Pilot Program Participants
Blue Bonnet Restaurant Corporation; Denver
Doggie Pause LTD; Denver
Evan's AutoCare; Evergreen
Frontera Group LLC; Boulder
Junct’n Pizza, Hangdog Hospitality; Grand Junction
High Plainz Strains; Garden City, Log Lane Village, Sedgwick
Kind Hearts Home Health Care LLC; Colorado Springs
Mary Janes Glass Haberdasher; Pueblo
Nature's Herbs & Wellness; Ft. Morgan, Garden City, Milliken
Sazza Restaurant; Greenwood Village
Sterling Rod & Custom Auto Restoration; Sterling
Sullivan's Scrap Kitchen; Denver
Sweetwater Partners LLC; Denver
Vending by A+A; Sedgwick
Wood’s High Mountain Distillery LLC; Salida
In August of this year, BlackRock and State Street Global Advisors were selected as the investment managers for the Colorado SecureSavings program.
In April of this year, Vestwell Holdings, Inc was selected as the program administrator, supporting Treasury staff in finalizing program design, implementation, and ongoing administration of retirement accounts for savers across the state.
“We’re incredibly proud to partner with Colorado SecureSavings and enable affordable savings programs for underserved businesses and their employees across the state,” said Aaron Schumm, CEO and founder of Vestwell. “Powered by Vestwell’s state-of-the-art platform, this program showcases just how simple and efficient setting up a workplace savings program can be.”
Vestwell is a leading provider in the state-facilitated savings industry, powering seventy-five percent of states with retirement programs. The firm partners with state governments to offer a personalized savings experience, spanning across all savings vehicle verticals. Built by industry experts and leading technologists, the modern recordkeeping platform provides small businesses and individual savers with affordable savings and investment programs across the country.
In November of 2021, the Colorado SecureSavings Program and New Mexico Work and $ave signed a first-in-the-country Memorandum of Cooperation (MoC) to pursue a formalized partnership agreement for their auto-enroll IRA programs.
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