WHAT EMPLOYERS NEED TO KNOW ABOUT
Colorado
SecureSavings
From deadlines to alternative options, let's review what is required of Colorado businesses.

In 2020, the State of Colorado passed the Colorado Secure Savings Act with the goal of helping more employees save for retirement. This law requires businesses with five or more employees to offer a retirement savings plan, such as a 401k. The state established their own retirement savings plan, SecureSavings, but employers can choose to offer their own plan which can offer additional benefits.
Colorado SecureSavings Requirements
Colorado businesses are required to offer a retirement plan if they have:
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Five or more employees
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Been in business for at least two years
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Not offered a qualified retirement plan in the last two years
Colorado SecureSavings Deadlines
Deadlines are staggered based on the number of employees at a company.
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50+ employees: March 15, 2023 | Past, subject to penalties
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15-49 employees: May 15, 2023
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5-14 employees: June 30, 2023
Colorado SecureSavings Penalties
Non-compliance will result in fines.
Up to $100 per eligible employee per year, not to exceed an aggregate amount of $5,000 in a calendar year.
Colorado SecureSavings Alternatives
Colorado business owners have the freedom to choose between the state plan and offering their own 401k plan. Have you thought about what retirement plan is best suited for you and your company?
Offering your own 401(k) retirement plan
can present these opportunities:
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Increased control & customization
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Expert support from financial professionals
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Less administrative work
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Tax benefits & credits
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Plan design flexibility
At 401k Extra, we specialize in retirement plans so people can retire on their terms. Explore how we go the extra mile to help plan sponsors manage retirement plans.
Deadlines are quickly approaching, but there is still time to choose.
Employees are 15x more likely to save when they have access to a workplace retirement savings plan.
* Waggoner, John. “Voters Support Workplace Retirement Savings Plans.” AARP, 20 Oct. 2021.