Colorado SecureSavings Program FAQs

The Colorado SecureSavings Program provides employees with a Roth Individual Retirement Account (IRA) if their employer does not offer retirement benefits. Effective 2023, Colorado employers who have been in business for at least 2 years, have 5 or more employees,  and don’t offer a qualified retirement plan are required by law to facilitate the program for eligible employees with Colorado income.

Employers who received a notice from CO SecureSavings are responsible for the following tasks:

  • Registering a CO SecureSavings account to start the enrollment process or apply for an exemption
  • Enrolling eligible employees
  • Facilitating deductions (default withholding rate is 5% of gross earnings)
  • Submitting contributions and employee reports to the agency

CO SecureSavings Support & Resources

For quick answers regarding program requirements, we recommend contacting CO SecureSavings support directly at 1-844-692-1073 or Their support team is friendly, knowledgeable and responsive.

CO SecureSavings Resource Quick Links

What is Colorado SecureSavings?

The Colorado SecureSavings Program offers employees a Roth Individual Retirement Account (IRA) if their employer does not provide retirement benefits. The CO SecureSavings Program is not intended to replace the current qualified retirement plan in place within the organization. Employers with qualified retirement plans need to request a certification for exemption.

Employers are responsible for registering a CO SecureSavings account, enrolling eligible employees, managing deduction updates, and submitting contributions to the program. 

Employees are responsible for managing their withholding percentage (default rate is 5% of gross earnings) or opting out (they may opt back in at any time).

Vestwell State Savings, LLC dba Sumday Administration administers the CO SecureSavings program. "Vestwell" may appear on your bank statements as the payee for your contributions.

Can I ASAP register my CO SecureSavings account and facilitate the program for me?

While we are unable to register an account and enroll employees on your behalf, ASAP can assist with deductions and reporting payroll information to the agency as third-party administrator (TPA) to your CO SecureSavings account.

Instructions for inviting ASAP as an Administrative User to your CO SecureSavings Account
Under the "Add Teammate" pop-up box, enter and click "Send Email Invite". ASAP will accept access and will begin uploading payroll reports, contribution payments, and other required information.

Can ASAP provide me with employee data that I can use to enroll them in CO SecureSavings?

Yes, ASAP can generate an "Employee Census Report" for you to easily upload worker information to the CO SecureSavings portal when you register your account. A one-time fee applies for this report.

Can my employees opt out of Colorado SecureSavings or change their withholding?

Per the law, employees are automatically opted into the program at a default rate of 5%. If employees DO NOT want funds deferred, they need to opt out within 30 days of enrollment. They may adjust their deferral rate or opt-out/opt-in to the program at any time.

Employees may opt out of CO SecureSavings or update their withholding rate via the following methods:

Contributions can range from 1-8% of gross pay, not to exceed 100% of the IRS limitations. After the contributor has been enrolled for 6 months, they will see an automatic annual increase of 1% in their contribution rate. Employers are not required to match employee contributions

How do I know if I'm required to participate in Colorado SecureSavings?

If you have five or more W-2 employees, you'll receive a notice from Vestwell State Savings, the program's administrator, when it's time to register your organization for CO SecureSavings. You must register an account or certify exemption to opt out if you offer a qualified retirement plan or have fewer than 5 employees*.

Employers are required to facilitate the Colorado SecureSavings retirement savings program if:
  • The business is registered to conduct business in the state of Colorado
  • They have at least five W-2 employees who have worked for them for at least 180 days
  • They have been in business for two or more years; and
  • They don’t currently offer a qualified retirement savings program to employees

* Determining employee count for seasonal employers can be tricky since the 180-day lookback period is not clearly defined. If you’re on the fence, we recommend registering and claiming an exemption as an employer with fewer than 5 employees.

Can I match my employees' CO SecureSavings contributions?

No. Employers are not permitted to match employee contributions to the CO SecureSavings program.