A Summary

In 2019, the Colorado Secure Savings Board (“The Board”) was created to study the costs Colorado was taking on as a result of insufficient retirement savings. After reviewing the data, the board found that more than 40% of the Colorado’s workforce did not have access to a retirement savings account or plan at work.

In response, the board created the Colorado Secure Savings Program (CSSP), a state-mandated workplace retirement plan. Voted in by Colorado legislature, the CSSP is effective starting January 1, 2023 with the rules being finalized in July of 2022. The CSSP is a retirement savings program for private sector workers who currently do not have access to a workplace retirement savings plan.

The CSSP applies to employers (of 5 or more employees) who are not offering workplace retirement savings plans. The CSSP requires employers in this category to either sponsor their own retirement plans or enroll in the CSSP program to give their employees the opportunity to save for retirement. Employers will face penalties for noncompliance if they fail to enroll eligible employees in the program or offer them their own sponsored plan.
  • What counts as an employer retirement plan? Looking at the IRS definition, employer retirement plans include defined contribution plans such as a 401(k), IRA-based plans such as the SEP or SIMPLE IRA, and pensions. Employers have the option to sponsor one of these types of plans on their own and not use the CSSP.
  • How do employers enroll in the CSSP? The CSSP administrators will review all filed forms 5500 (annual report of employee benefits), and will compare this information with the database of employers. If the administrator identifies an employer as not having a current form 5500 on file with the U.S. Department of Labor, the employer will receive a written notice from the CSSP administrator directing the employer to enroll in the program or communicate and prove that they are exempt by either sponsoring their own plan or being under the employee threshold.
  • What is the cost to the employer? The CSSP plan will be administered at no cost to the employer and will not have an employer matching requirement. Additionally, the CSSP plan will be compatible with payroll systems for ease of administration and implementation. Employers required to participate will not be required to deal with the plan administration issues generally associated with other retirement plan types.
  • Please note – while there is no cost to the employer, the employer is required to comply with the program stipulations and will face fines and penalties for failing to comply.
  • Who is eligible to participate? In addition to regular employees, self-employed individuals, 1099 workers, and seasonal workers all have the option to participate in the CSSP plan.
Can employers with under 5 employees apply for an exemption? Yes, the draft rules have indicated that employers with under 5 employees are able to apply for an exception to participate in the CSSP or privately sponsored plan.

The Colorado Secure Savings Program was initiated to provide over 930,000 private sector employees in Colorado the opportunity to save for retirement under a structured plan, and it will take effect in 2023.
While the rules are still being finalized this summer, we plan to reach out to you again to provide you with more detail on this program once the rules are completed. In the meantime, please review the fact sheets linked below and please feel free to reach out to us with any questions.


SEPTEMBER 15, 2022 – 3rd quarter estimated payments for 2022 are due to the IRS and Colorado Department of Revenue

JANUARY 15, 2023 – 4th quarter estimated payments for 2022 are due to the IRS and Colorado Department of Revenue




Morgan Krause

Morgan interned with Soukup, Bush, and Associates during the 2020 tax season and is now a full-time employee as of August 2021.

As a Greeley native, she graduated with a Bachelor of Science Degree in Sports and Exercise Science from the University of Northern Colorado in the spring of 2019. She currently assists with all aspects of administrative management as well as processing income tax returns.

When she is not at work, Morgan enjoys biking, kayaking, hiking, and spending time with her family and puppy, Blake.