New Colorado SecureSavings Program for Small Business Owners
Business Owner InsightsWe’ve received numerous requests from our business clients wanting to learn more about the new Colorado SecureSavings Program that is currently in pilot and scheduled to launch in 2023.
This new state-run program will require small businesses with five or more employees to offer a retirement plan that helps employees save through payroll deduction if they don’t already offer an employer-sponsored retirement savings option.
After reviewing the details of the Colorado SecureSavings Program, we think it may be an option for smaller employers looking to offer a basic, one-size-fits-all retirement solution to their employees. However, a traditional employer-sponsored retirement program such as a 401(k), 403(b), Simple IRA, SEP, or Profit-Sharing plan is better suited for employers seeking a more comprehensive and customizable solution catered to their specific needs. In addition, many of these employer-sponsored retirement solutions offer distinct tax advantages compared to the new state-run program being implemented.
The American Portfolios Denver team understands the advantages and disadvantages of the Colorado SecureSavings Program and how it compares to other company-sponsored retirement plan options. We’re happy to discuss your company’s particular situation and help guide you to the right solution for your company and your employees.