By Sheena Kadi
Last week, the Colorado SecureSavings Program and the Maine Retirement Investment Trust (MERIT) established a partnership saving Coloradans and Mainers money, and beginning the state-run retirement savings program in Maine.
Colorado business owners need to decide on their retirement plan options by December 31, 2023. For more information please visit coloradosecuresavings.com. The Colorado SecureSavings program has nearly 12,000 registered employers this far.
“I’m proud to see Colorado leading the nation on this. Partnerships increase the number of Americans saving for retirement, while decreasing fees for Coloradan and American savers alike, helping states with smaller populations offer a cost-friendly, state-run retirement program option for workers who don’t have access to one at work,” stated Dave Young, Colorado State Treasurer. “Workers in every state want a free and easy way to save so they can retire with dignity. Partnering with Colorado we will share costs, create scale, and tailor a retirement savings program to meet the needs of Mainers.”
“We are looking forward to working closely with Maine in providing a high quality, accessible retirement option to savers in our states,” said Hunter Railey, Director of Colorado SecureSavings Program. “As more states adopt programs, it is imperative that smaller states are confident in their ability to provide a cost effective choice.”
An Interstate Adhesion Agreement was signed on August 11, 2023. This partnership helps the State of Maine offer a cost-friendly, state-run retirement program for workers who don’t have access to a retirement savings program. This increases the number of Mainers saving for retirement, while decreasing fees for Coloradan savers. Vestwell, in partnership with BNY Mellon, serves as the Program Administrator, providing recordkeeping, custodial, and administrative services to employers and employees in Colorado and Maine.
Both programs are tied to the employee instead of the employer, making the account portable when the employee leaves and changes jobs. These retirement programs are an easy way for Coloradans and Mainers to save for the future.
With the successes of the state-run retirement savings programs in California, Illinois, and Oregon, the Colorado and Maine partnership represents the next step in extending low-cost, portable retirement savings options to workers without access to a savings program.
Sheena Kadi is Public Information Officer with the Colorado Treasurer’s Office.