Today, during Small Business Week, Colorado State Treasurer Dave Young advocated for having a retirement program offered at work.
“The sooner you can start saving for retirement, the more financial freedom you will have down the road,” said Dave Young, Colorado State Treasurer. “Build a community of support at work and think big so that you can be financially prepared for life’s milestones."
Day Four of Small Business Week: What is the Colorado SecureSavings program?
Colorado SecureSavings is a new retirement savings program, created by the Colorado SecureSavings Board in the Office of the State Treasurer. In Colorado, more than 40% of our private-sector workforce does not have access to a retirement savings plan at work. Colorado SecureSavings was created to meet this urgent need. With Colorado SecureSavings, businesses can help their employees save for retirement in a convenient Roth Individual Retirement Account (IRA) that is portable even if they change or leave their job. This new program is an easy way for Colorado employees to save for the future.
Nature’s Herbs and Wellness joined the Colorado SecureSavings program pilot in September of 2022. It was simple and easy for the business to register on the platform. Enrolling into the program took three easy steps. First, was to enroll the business onto the website, then the business uploads their employee roster, and the last step is to keep staff lists up to date and submit the employees’ savings contributions onto the payroll schedule.
Courtney Imhoff, HR Manager at Nature’s Herb and Wellness shared her thoughts regarding her experience with the program. “This program helps us be a more competitive employer, and it offers our employees a way to easily save for retirement,” said Imhoff. "As a smaller employer, this was a simple and effective way to offer a benefit that we couldn’t otherwise provide. It has been easy to set up and maintain from the HR & Payroll side of things. For us, this has been a win-win!”
About National Small Business Week
For 60 years, the President of the United States has issued a proclamation announcing National Small Business Week, recognizing the critical contributions of America’s entrepreneurs and small business owners. More than half of Americans either own or work for a small business and create about two out of every three new jobs in the U.S. each year. The U.S. Small Business Administration (SBA) helps power the American dream of business ownership. SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. As part of National Small Business Week, the U.S. Small Business Administration takes the opportunity to highlight the impact of outstanding entrepreneurs, small business owners, and others from all 50 states and U.S. territories. Every day, they’re working to grow small businesses, create 21st-century jobs, drive innovation, and increase America’s global competitiveness. And in recognizing the changing face of America, the Small Business Administration’s National Small Business Week awards honor individuals and businesses that reflect our nation’s rich diversity.