Colorado to Begin Enforcement of the SecureSavings Program in 2024

Earlier this year, Colorado joined a growing list of states that have enacted retirement savings programs. The Colorado SecureSavings program is designed to allow businesses to help their employees save for retirement through Roth Individual Retirement Accounts. All Colorado employers who have been in business for at least 2 years, have 5 or more employees, and don’t offer a qualified retirement plan for their employees are required to facilitate Colorado SecureSavings. Any businesses that need to register for the program and have not yet done so may register via the program’s online portal. Taking action now will avoid enforcement penalties for noncompliance that are to be imposed by the state starting in 2024.