For Immediate Release
April 28, 2022
Communications Director & Public Information Officer
Colorado Treasury Announces Selection for a Program Administrator for State Facilitated Retirement Program
DENVER, COLORADO: The Colorado Department of the Treasury is pleased to announce the selection of a program administrator for the Colorado Secure Savings Program. Vestwell Holdings, Inc. will be supporting the Treasury staff in finalizing the program design, implementation, and ongoing administration of retirement accounts for savers across the state.
“We are thrilled to be working with Vestwell, who has extensive experience expanding retirement savings through innovative solutions. This is a significant step towards providing Colorado employers and workers with the opportunity to save for a dignified and sustainable retirement.”
Dave Young, Colorado State Treasurer
The selection of a program administrator comes after a competitive six month state procurement process led by the Colorado Secure Savings Program Board, and included input from partners in New Mexico. The process emphasized vendor experience and ease of use for employers and workers. Vestwell currently administers similar retirement programs in Connecticut, Maryland, and Oregon making it one of the leading providers of state facilitated retirement solutions.
“Vestwell has a proven track record of providing high-quality retirement solutions to state facilitated programs. As Colorado prepares to implement the Secure Savings Program, employers and workers will have some of the best services available to support their long-term financial security.
Hunter Railey, Director, Colorado Secure Savings Program
“We are proud to power the first-ever, multi-state auto IRA program in the country. Colorado and New Mexico are pioneering the next phase in retirement savings through cross-state partnerships, bringing dignified savings solutions their workforce deserves.”
Aaron Schumm, Founder & CEO, Vestwell Holdings, Inc.
Research conducted by the Colorado Department of the Treasury shows that over 1 million workers across the state lack access to workplace retirement savings plans. The Colorado Secure Savings Program will provide a retirement solution to private sector employers at no cost. The addition of Vestwell to the Colorado Secure Savings Program comes as staff work to finalize the program design ahead of implementation.
The selection of a program administrator is also a significant step towards finalizing a partnership agreement with New Mexico Work & $ave. The resulting partnership is expected to encourage cost containment through economies of scale, as well as increase portability options for savers in both states.
“New Mexico appreciates the opportunity to work in such a collaborative environment to bring a high quality retirement option to our employers and workers. The expertise and experience Vestwell brings is a huge asset to our work to expand retirement savings.”
Tim Eichenberg, New Mexico State Treasurer
The Colorado Secure Savings Program is scheduled to launch a pilot program in October 2022, and full implementation is expected to begin in early 2023.