State Treasurer Dave Young Encourages Employers to
Enroll in Retirement Savings Program by Year-End
Dec. 10, 2024 (DENVER) - The Colorado SecureSavings Program has enrolled over 68,000 savers and surpassed $94 million in assets in less than two years of operation, Colorado State Treasurer Dave Young announced at a press conference today.
“We are thrilled with the program's success and heartened to see more private sector employees saving for retirement,” said Treasurer Young. “By directly investing in the wellbeing of their employees, companies of all sizes are securing a stronger financial future for Colorado.”
Colorado is among a vanguard of states that offers a government-facilitated, auto-IRA retirement program for private sector workers. Launched by the Colorado Department of the Treasury in 2022, ColoradoSecureSavings now boasts nearly 16,000 participating companies representing all 64 counties.
Treasurer Young celebrated these milestones during a press conference at the Blue Bonnet Restaurant, a Denver-based employer and early Colorado SecureSavings Program adopter. The program has been critical for staff retention, said general manager Chris Strowmatt-Becker.
“I would encourage any small business that cannot offer their own 401(k) to jump into the Colorado SecureSavings Program,” she stated. “It was extremely easy to sign up our employees, and it doesn’t cost us as a business. Giving our staff a way to save with every paycheck has been a huge benefit for us.”
A 2019 report found that as many as 1.4 million Colorado workers lack access to a retirement plan, potentially costing taxpayers $18 billion over the coming decades. To close this gap, the Colorado General Assembly passed Senate Bill 20-200 that created the Colorado SecureSavings Program and established a retirement plan requirement for private employers. Businesses that have been operating for two or more years and employ five or more workers must offer a retirement plan by Dec. 31, 2024.
“We designed the Colorado SecureSavings Program to be an easy, cost-free option for employers—and it’s working,” said Hunter Railey, director of the Colorado SecureSavings Program. “Thanks to great partners like Blue Bonnet Restaurant, we anticipate reaching 100,000 funded accounts and over $100 million in assets by early next year.”
The legislation is also helping boost retirement savings across the state. An analysis by Gusto found a 45% increase in private 401(k) adoption among Colorado employers during the first year of Colorado SecureSavings implementation.
"As a Latino person, I am excited to share this program with my clients and my community," said Jaime Moreno, a board member of the Latino Chamber of Commerce of Boulder County. His business, Frontera Group, also participated in the program's pilot. "Through Colorado SecureSavings, anyone can start saving for their future. What a great way to give back to the workers who power our state," he said.
Treasurer Young urged business owners to take action before compliance begins in 2025. Using their unique access code, employers may enroll in Colorado SecureSavings through the registration page or certify an exemption from the program.
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.