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Is your franchise in compliance with the Colorado Secure Savings Program? Are you a small business owner who is looking for “perks” to offer employees that won’t balloon your bottom line? Are you an employer who wants to help your team build a strong financial future?

The Secure Savings Program provides a number of benefits to Colorado employers and employees, provided that the legal requirements are met. And if you’re wondering if you are meeting those requirements, you may find the questions to consider here and then working with a CFO outsourcing team can help you with the answers.

What is Colorado Secure Savings?

Back in 2020, the Colorado Secure Savings Program was signed into law. According to the Colorado Department of the Treasury: “The Program’s goal is to provide a dignified retirement by giving access to retirement savings to the nearly 1 million Colorado workers not currently saving through a workplace retirement plan.”

One of the features of the Colorado Secure Savings Act, and integral to the goal of the program, is the establishment of the Colorado Secure Savings Program. This IRA program is administered by a specifically seated board whose responsibility is the oversight and management of the program.

How Does the Colorado Secure Savings Program Affect Franchise Owners?

While many companies offer retirement savings plans, there are large contingents of employers like smaller businesses and franchises who traditionally have not. This meant that employees who wanted to start saving for their retirement had to set up a personal plan ‘on the side.” The Colorado Secure Savings Program changes that dynamic.

It places employers of all types on equal footing with regard to what retirement savings opportunities they need to offer their employees. Independently owned companies, corporations, and franchises that meet the criteria of the program are required to participate.

It’s important that franchise owners and other business leaders understand that they only need to offer this program to their employees. The business is not required to make a contribution to it. This makes it less of a financial concern for them and more of an administrative one.

There is also an unstated benefit in the program, as smaller companies can point to being able to include a retirement plan in the list of perks they offer to employees.

Colorado Secure Savings: A Breakdown

If you are still wondering if your company needs to participate in the program, you can work with a locally-based CFO outsourcing firm to get into the specific requirements involved. They’ll help you look into the details of the program to see if your company qualifies.

Those qualification parameters include:

Maintaining five or more employees on the payroll during a calendar year
Being in business for at least two years
Not currently offering employees a qualifying retirement savings plan

Relieve Your Team With CFO Outsourcing

There are two sides to the Colorado Secure Savings Program. It provides employees with an opportunity to start, perhaps for the first time, to prepare for their financial future. But it also increases administrative tasks and legal compliance concerns for employers. If your team is already stretched, these additional tasks can be tough to take on. The good news is that you don’t have to execute this program alone.

Through CFO outsourcing, we can work alongside your team to ensure that you are in compliance with the Secure Savings program. That includes everything from assisting with enrollment to preparing the necessary disclosures to send to the state.

But an outsourced CFO can help with more than just ensuring you are in program compliance. They can also help bring clarity, structure, and strategy to your long-term financial strategy. If you’d like to learn more about how your franchise can benefit from CFO outsourcing, schedule a free consultation today.

FAQS

What is the Colorado Secure Savings Program?

The Colorado Secure Savings Program was signed into law in 2020. According to the Colorado Department of the Treasury, its goal is to give nearly 1 million Colorado workers who are not saving through a workplace retirement plan access to retirement savings.

How does the Colorado Secure Savings Program affect franchise owners in Colorado?

Colorado franchise owners who meet the program’s eligibility criteria are required to participate in the Colorado Secure Savings Program if they do not already offer a qualifying retirement savings plan. The program creates a retirement savings opportunity for employees while adding administrative and compliance responsibilities for employers.

Do Colorado franchise owners have to contribute money to the Colorado Secure Savings Program?

No, Colorado franchise owners are not required to contribute to their employees’ Colorado Secure Savings accounts.

How can I tell if my Colorado franchise needs to participate in the Secure Savings Program?

Your Colorado franchise may need to participate if it has at least five employees on its payroll during a calendar year, has been in business for at least two years, and does not currently offer employees a qualifying retirement savings plan. A locally based CFO outsourcing firm can help you review these criteria.

Can a small Colorado business offer retirement savings benefits without funding an employer-sponsored plan?

The Colorado Secure Savings Program allows qualifying small businesses to offer employees access to retirement savings without being required to contribute to their accounts. This gives smaller companies an opportunity to include retirement savings among the benefits they offer their employees.

Why should Colorado franchise owners consider CFO outsourcing for Secure Savings compliance?

Working with a Colorado firm that offers CFO outsourcing can help franchise owners manage the administrative and compliance responsibilities associated with the Colorado Secure Savings Program. Support can include assisting with employee enrollment and preparing the disclosures that must be sent to the state.

What is the difference between offering the Colorado Secure Savings Program and contributing to employee retirement savings?

Offering the Colorado Secure Savings Program means providing employees with access to the program when the business is required to participate. Contributing money to employee accounts is a separate responsibility, and employers are not required to make contributions under the program.

Can CFO outsourcing help my Colorado franchise with more than Secure Savings compliance?

Yes, outsourced CFO support can help Colorado franchise owners address broader financial management needs beyond program compliance. An outsourced CFO can also bring clarity, structure, and strategy to a business’s long-term financial planning.

Why might the Colorado Secure Savings Program be an advantage when recruiting employees?

The program gives qualifying smaller Colorado businesses and franchises an opportunity to include access to a retirement savings plan among the benefits they offer employees. This can help these businesses present a more attractive benefits package without being required to contribute to employee accounts.

How can I get help determining whether my Colorado business qualifies for the Secure Savings Program?

You can work with a locally based CFO outsourcing firm to review your business’s eligibility under the Colorado Secure Savings Program. An outsourced CFO can also help your team manage enrollment, prepare state disclosures, and address related compliance responsibilities.

How can my Colorado franchise get started with CFO outsourcing for Secure Savings support?

Colorado franchise owners interested in help with Secure Savings administration and broader financial management can schedule a free consultation. This provides an opportunity to learn how CFO outsourcing can support program compliance and the business’s long-term financial strategy.

Colorado Secure Savings Act: Franchise Tips, CFO Outsourcing & More