"For anybody who doesn't have retirement savings in Colorado": State rolls out new SecureSavings program
Here in Colorado, nearly 940,000 workers do not have access to a retirement savings plan at work. That's more than 40% of our private-sector workforce. Colorado SecureSavings is a new retirement savings program created by the Colorado SecureSavings Board in the Office of the State Treasurer to meet this need.
"I'm dedicated to economic justice," State Treasurer Dave Young said.
"We've been working on this for seven years. My saying all the way along has been people deserve a sustainable and dignified retirement," he told CBS News Colorado's Mekialaya White in a sit-down interview.
"We just passed the first wave for 50 or more employers March 15," he went on to explain. "If their company doesn't have a retirement savings program, then they're required to enroll their employees, and they'll get notification from us… but they can choose to opt-out."
With Colorado SecureSavings, businesses can help their employees save for retirement in a convenient Roth Individual Retirement Account that is portable even if they change or leave their job.
"This isn't just for the Front Range or just for a type of employee, but anybody who doesn't have retirement savings in the state of Colorado. We know it's a struggle right now, the economy is unsettled, and housing is steep, inflation has caused pain at the pump and so sometimes it's tough to squeeze out savings," said Young.
On May 15, employers with 15 to 49 employees will be required to implement the program.
If you're an employee looking to save and want to explore financial options, visit the SecureSavings site: https://coloradosecuresavings.com/savers/program-details
