April 22, 2024

There are no additional business expenses besides a nominal amount of administrative time when implementing this plan. It is paid for by employees through payroll deductions and does not require you to match their contributions.

The basics of the Colorado Secure Savings Plan

The Colorado Secure Savings Plan is a long-term savings plan designed to help employees of businesses in the state of Colorado save for retirement. It was created by the Colorado General Assembly in 2020 and allowed employees to contribute a portion of their paycheck to an account with special tax advantages. Contributions are made through payroll deductions, and a professional firm manages and invests the money. 

How can the Colorado Secure Savings Plan benefit businesses?

The Colorado Secure Savings Plan (CSSP) is a state-sponsored retirement plan that allows businesses to offer retirement savings to their employees. It offers many benefits to companies and their employees.

One of the major benefits of CSSP is that it provides a simple, affordable way for businesses to offer retirement savings to their employees. The plan is voluntary for businesses, so there’s no cost for employers to participate. Employees can choose to contribute as little as 1 percent of their salary to the plan and can increase their contributions at any time. 

The plan is also designed to be low-cost, with administrative fees of just 0.25 percent annually and investment fees ranging from 0.06 percent to 0.3 percent, depending on the type of investment chosen. 

In addition to providing an affordable retirement savings solution, the CSSP can also help businesses attract and retain top talent. Offering a retirement savings plan is a great way to show potential employees that your business cares about their financial future and is willing to invest in them. Furthermore, having access to a retirement savings plan gives employees a greater sense of job security, which can help them feel more loyal to the company. 

Finally, businesses can take advantage of tax incentives offered through the CSSP. Employers can receive tax credits of up to $500 for each eligible employee who participates in the plan. Additionally, businesses are able to make tax-deductible contributions to employees’ accounts up to 25 percent of an employee’s annual salary. 

How businesses can get involved with the Colorado Secure Savings Plan?

Businesses in Colorado have the opportunity to participate in the Colorado Secure Savings Plan, which was created to help people in the state save for retirement. The program is administered by the Colorado Public Employees’ Retirement Association (PERA) and allows employers to set up a payroll-deducted savings plan for their employees. Employers can choose between two types of plans: a Traditional IRA or a Roth IRA. 


The Colorado Secure Savings Plan is a great opportunity for businesses to help their employees save for retirement. By offering this plan to employees, businesses can benefit from the tax incentives and reduce their retirement-related expenses. Businesses need to understand the requirements of the plan and the benefits it can provide for their employees. With the right guidance and resources, businesses can make the most of this plan and provide their workers a meaningful retirement savings benefit.

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