top of page

WHAT EMPLOYERS NEED TO KNOW ABOUT 

Colorado

SecureSavings 

​

Most Colorado businesses are now required to offer a retirement plan, but business owners don’t have to settle for a limited plan.

401k Extra 401k Advisors Colorado Wyoming
SecureSavings Requirements
SecureSavings Deadlines
SecureSavings Penalties

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 its 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:

​

  • Five or more employees 

  • Been in business for at least two years

  • Not offered a qualified retirement plan in the last two years

​

​

 

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:

​

  • Increased control & customization

  • Expert support from financial professionals

  • Less administrative work

  • Tax benefits & credits

  • Plan design flexibility

​

​

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOT HAPPY WITH THE COLORADO SECURESAVINGS PLAN?

CONTACT US TO DISCUSS WAYS TO OPTIMIZE YOUR PLAN!

 

 

Colorado SecureSavings Deadlines

Originally, deadlines were staggered based on the number of employees at a company. As of mid-2023, all deadlines have elapsed. Eligible employers must now offer a plan or face fines.​

​

 

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.

​

​

 

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.

​

​

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.

2024 Employee Contribution Limit
$7,000 ($8,000 if age 50+)
$23,000 ($30,500 if age 50+)
Employee Contribution
Roth Only
Pre-tax or Roth
Employer Contribution
Not allowed
Optional
Default Savings Rate
5% (No Auto-Escalation)
Flexible (Auto-Escalation Optional)
Loans Allowed
Not allowed
Optional
Administration
Easy to startup; Difficult to maintain
Easy to startup; Easy to maintain
Investment Options
Limited
Wide range
Profit Sharing Contributions
Not allowed
$66,000 ($73,500 if age 50+)

SecureSavings

401k Plan 

SecureSavings Alternatives

RETIRE YOUR WAY 

Fran Gillis AIF®, QPFC, PPC, CFWP
Lucas Gillis AIF®, CPFA, CFWP
connect@401kextra.com

970-225-2001

Want the latest 401k news and updates? Join our mailing list.

Thanks for subscribing!

  • LinkedIn
  • Facebook

Advisory services offered through Dynamic Wealth Advisors.
 

The material in the website has been distributed for informational purposes only. The material contained in this website is not a solicitation to purchase or sell any security or offer of investment advice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. Past performance is not a guarantee or a reliable indicator of future results. Investing in the markets is subject to certain risks including market, interest rate, issuer, credit and inflation risk; investments may be worth more or less than the original cost when redeemed. No part of this website may be reproduced in any form, or referred to in any other publication, without express written permission.  

​

Francis Gillis and Lucas Gillis are Investment Advisor Representatives with Dynamic Wealth Advisors dba 401K Extra LLC All investment advisory services are offered through Dynamic Wealth Advisors. A copy of Dynamic Wealth Advisors’ ADV Part 2A Firm Brochure is available upon written request and can also be found on the Securities and Exchange Commission website at https://adviserinfo.sec.gov/IAPD by searching under crd #151367.  

​

Check the background of this financial professional on FINRA's BrokerCheck

​

401k Extra LLC provides links for your convenience to websites produced by other providers or industry related material. Accessing websites through links directs you away from our website. 401k Extra LLC is not responsible for errors or omissions in the material on third party websites, and does not necessarily approve of or endorse the information provided. Users who gain access to third party websites may be subject to the copyright and other restrictions on use imposed by those providers and assume responsibility and risk from use of those websites.

bottom of page