Last Updated on August 11, 2020 by bigfish-admin
Colorado Secure Savings Plan
The state of Colorado has joined those providing a state-sponsored retirement program, for those worker’s whose employers do not offer a retirement plan, called the Colorado Secure Savings Plan. On July, 14 2020 Governor Polis signed into law, SB20-200, a measure creating the Colorado Secure Savings Act. The new measure will likely be enacted next year.
This measure amends the Colorado Secure Savings Plan Act to create an IRA-based program and also creates a retirement plan coverage requirement for employers with 5 or more employees. SB20-200 specifies that Colorado Secure Savings Program is to be an automatic enrollment payroll deduction IRA, not a defined benefit plan.
The new measure cites a need to expand Colorado retirement coverage, noting more than 900,000 currently working in Colorado–40% of the Colorado workforce and more than half of those in the state’s private sector –do not have access to a retirement savings account or program at work. Disproportionately affected are younger, minority, and low-income workers.
Many organizations do not offer a retirement plan at work due to the cost and administrative burden associated with a 401(k), Big Fish can help streamline and simplify this process for you. Big Fish has teamed up with Human Interest to offer competitively priced retirement plans that are easy to use and administer for businesses of all sizes.
Big Fish will continue to report on further developments with this law and other retirement laws nationwide. For more information on the benefits plans Big Fish offers, contact us.