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Buzz & Bulletin

Colorado Secure Savings Program

Are you familiar with the new Colorado Secure Savings Program?

This impacts the 900,000 state employees that have not had access to a company retirement plan. Governor Polis signed the Colorado Secure Savings Program last summer, and the state is working on the details to implement it. This program requires small businesses with five or more employees to provide a company-sponsored retirement plan, or enroll their employees into the state-approved plan (and perhaps pay a fine for not offering a company plan, up to $100/employee1).

The state program will require employees to be automatically opted in, investing 5% of their pay into a Roth IRA1. There are still some details to be worked out as the state administers this new program.

As a small business owner, YOU can maintain control of your business by setting up your company’s retirement plan. We are happy to discuss your options for creating your plan, with no obligation and no pressure. For more information, contact Alan Bridges at Pennica Financial Group at (719) 572-0447 or email him at [email protected]

1 https://leg.colorado.gov/sites/default/files/2020a_200_signed.pdf

 

Courtesy of Pennica Financial Group. Securities offered through J.W. Cole Financial, Inc. (JWC), member FINRA/SIPC. Advisory services offered through J.W.Cole Advisors, Inc (JWCA). Pennica Financial Group, JWC, and JWCA are separate and independent entities.

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