Starting in 2023, under Colorado law, Colorado employers will be required to offer their employees a retirement savings plan. This can be a traditional pension, a 401(k) plan, a 403(b) plan, a SEP Plan, a SIMPLE IRA plan, a governmental deferred compensation plan — or an account from Colorado SecureSavings.

What is Colorado SecureSavings?

Colorado SecureSavings is Colorado’s new state-facilitated savings program, created by the Colorado SecureSavings Board in the Office of the State Treasurer. 

What do employers need to facilitate the State’s program?

To register, you just need your EIN and the Access Code we provide to you via email or letter.

Which businesses are required to participate in Colorado SecureSavings?

You are required to participate in the Colorado SecureSavings Retirement Savings Program if:

  • Your business is registered to conduct business in the state of Colorado
  • You have at least five W-2 employees who have worked for you for at least 180 days
  • You have been in business for two or more years; and
  • You don’t currently offer a “qualified retirement plan” to your employees

*Employers that already offer a qualified retirement plan can certify exemption from the Colorado Secure Savings Program. 

A “qualified retirement plan” under Internal Revenue Code includes: 

  • section 401(a) (including a 401(k) plan)
  • qualified annuity plan under section 403(a)
  • tax-sheltered annuity plan under section 403(b)
  • Simplified Employee Pension plan under section 408(k)
  • SIMPLE IRA plan under section 408(p)
  • Governmental deferred compensation plan under section 457(b). 

*A qualified retirement plan does not include payroll deduction IRAs.

How it works.


  1. Register with your Federal Employer number and Colorado SecureSavings Access Code in 2023.
  2. Upload employee Payroll information.
  3. Keep employee records up to date.

What do employees need to do after enrolled?

Employees will receive information directly from the Colorado SecureSavings program and can choose to stay automatically enrolled in Colorado SecureSavings or opt out.


Once you’re added to the program, you’ll be signed up automatically for payroll contributions, unless you choose to opt out. A Roth IRA account will be opened. Employees can choose their contribution amount, choose from different Investment options, and elect beneficiaries.

If you were added by your employer and chose not to make changes to your account, after the 30-day opt out period you’ll be automatically enrolled with the default savings and investment elections:

  • 5% of your gross income earned with your facilitating employer will be contributed to your account after taxes have been taken out.
  • When you enroll, your funds will be invested in the Capital Preservation option until 30 days have passed after your initial contribution. After 30 days, your funds will be exchanged automatically to a default Target Retirement Date option based on your date of birth.

What does the program cost employees?

Colorado SecureSavings has an annual asset-based fee of approximately 0.32%. There is also a $22 annual account fee. These fees pay for the administration of the program and the operating expenses charged by the underlying investment funds in which the program’s portfolios are invested.

For more information, go to Program Details – Colorado SecureSavings.

As always, if you have any questions, feel free to reach out to us at



This material is for informational purposes only and is not investment, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. Triad Advisors, LLC does not provide tax or legal advice.