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Understanding the Colorado Secure Savings Program
November 11 @ 12:00 pm - 12:45 pm
November 11, 12:00-12:45 p.m.
In July 2020, state legislators passed the Colorado Secure Savings Program in an effort to help the roughly 40% of Colorado workers who currently have no access to an employer-sponsored retirement plan. Many of the details of the program offering, including timing of its implementation, are still being determined, but here are some known details that are relevant to your business.
- Each private-sector business with five or more employees that has been in business for two or more years will be subject to the program’s requirements.
- Employer penalties for not complying with the program (once it’s launched) can be as high as $5,000 per year.
- Employers who offer a 401(k) or other qualified retirement plan will be exempt from having to enroll in the Colorado Secure Savings Program.
- There are state-sponsored tax benefits of up to $16,500 for employers who implement a 401(k) or other qualified retirement plan for their employees.
However, you do have another option. Employers who are not eager to participate in the implementation of the state-mandated Secure Savings Program have the option to offer a 401(k) program to their employees, and may receive tax benefits from the state for doing so.
Join Darren Royal, President of Royal Wealth Management, for a comprehensive webinar presentation on the Colorado Secure Savings Program and CDA Retirement Solution. We’ll discuss the why, who, and when around the mandate, and share how the CDA Retirement Solution may be the right choice for your business.
There is no cost associated for this webinar.
Register here to join virtually over Zoom: http://lpl-6519916.hs-sites.com/rwm-cda-retirement-webinar
If you are unable to join us for the webinar, you can learn more about the CDA Retirement Solution here: https://cdaonline.org/cda-retirement-solution/
Please contact email@example.com if you have any questions.