By Mary Shepherd
Colorado employers who have questions about the Colorado SecureSavings Program (CSSP) can join us on Tuesday, March 5 at 9:00am for a webinar with Darius West, Outreach Specialist with Colorado Department of the Treasury, to learn more about the benefits of CSSP including key aspects such as compliance, enrollment procedures, and the long-term advantages of participation.
Here is the link to sign up for the program, which is hosted through the Southwest Colorado Small Business Development Center.
Colorado SecureSavings is a new retirement savings program, created by the Colorado SecureSavings Board in the Office of the State Treasurer. In Colorado, more than 40% of our private-sector workforce does not have access to a retirement savings plan at work, nearly 940,000 workers. Colorado SecureSavings was created to meet this urgent need.
With Colorado SecureSavings, businesses can help their employees save for retirement in a convenient Roth Individual Retirement Account (IRA) that is portable even if they change or leave their jobs. This new program is an easy way for Colorado employees to save for the future. Employees can control how much of their paycheck is contributed to their account and can even opt-out.
There is no matching requirement for employers – in fact, it is not permitted by the program – and you have no fiduciary responsibility, meaning you are not responsible for the investment decisions or outcomes of any employee that participates in the program.
This program, and the laws which created it, require businesses with more than 5 full time employees, who do not already offer a retirement plan, to take action in order to avoid fines.
Mary Shepherd is Executive Director, Southwest Colorado Small Business Development Center.