Colorado’s Auto-IRA Program is One of Ten Nationwide
Feb. 26, 2025 (DENVER) - The Colorado SecureSavings Program has surpassed $100 million in assets and enrolled more than 72,000 savers in just over two years—the fastest growth of any state-facilitated auto-IRA program in the country.
“Reaching this milestone is not only a proud moment for our program, it’s a proud moment for our state,” said Dave Young, Colorado State Treasurer. “By partnering with businesses of all sizes, we are empowering tens of thousands of Coloradans to retire with dignity.” Watch this video message from Treasurer Young.
Colorado is among a vanguard of states that administers an auto-IRA retirement program for private sector workers. Launched by the Colorado Department of the Treasury in 2022, Colorado SecureSavings now boasts 16,600 participating companies from all 64 counties. The program has also confirmed new and existing retirement plans for an additional 22,000 employers in Colorado.
“The sooner people can start saving for retirement, the more likely they will secure financial freedom later in life,” said Hunter Railey, executive director of the Colorado SecureSavings Program. “We’re excited that so many employers have embraced this program as a recruiting and retention tool and are actively supporting their employees’ financial wellbeing.”
Colorado SecureSavings is successfully closing the retirement gap that has left behind an estimated 1.4 million Coloradans, affecting 40% of the private sector workforce. The program provides participants with portable Roth IRAs that leverage compound interest, enabling funds to grow faster over time. Employees save through automatic payroll deductions that can be adjusted at any time.
"As a small business owner, I'm always looking for ways to invest in my employees,” said Phil Freismuth, owner of Horsefly Brewery in Montrose. “I'm proud to offer them a strong retirement plan through Colorado SecureSavings. The program took just minutes to set up and is already making a difference for my staff."
Colorado SecureSavings integrates with employers’ normal payroll processes and is cost-free to implement. Vestwell, in partnership with BNY Mellon, serves as the program administrator, providing recordkeeping, custodial, and administrative services for employers and employees in participating partner states.
"Congratulations to the state of Colorado for reaching a remarkable $100 million in retirement savings in such a short period of time,” said Aaron Schumm, founder and CEO of Vestwell. “The significant growth underscores the demand for these essential savings vehicles, and we’re proud to partner with Colorado to help individuals across the state build a more secure financial future.”
In 2020, the Colorado General Assembly passed Senate Bill 20-200 to create the Colorado SecureSavings Program and establish a retirement requirement for private employers. Businesses that have operated for two or more years and employ five or more workers must offer a savings plan to comply with state law. Employers may enroll in Colorado SecureSavings or certify an exemption with their unique access code at ColoradoSecureSavings.com.
For more information, visit the Colorado SecureSavings website.
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About the Colorado Department of the Treasury
The Colorado Department of the Treasury is the constitutional guardian of the public’s funds. It is the Treasury’s duty to manage and account for the taxpayers’ dollars from the time they are received until the time they are disbursed. The Treasury’s staff is committed to safeguarding and managing the people’s monies with the same diligence and care as they do their own. For more information, visit colorado.gov/treasury.