Maine and Colorado Join Forces on Automatic Retirement Savings

“I’m proud to see Colorado leading the nation on this,” added Dave Young, Colorado’s treasurer. “Partnerships increase the number of Americans saving for retirement, while decreasing fees for Coloradan and American savers alike. [We are] helping states with smaller populations offer a cost-friendly, state-run retirement program option for workers who don’t have access to one at work.”

Decreasing Fees, Increasing Savings

According to the press release, an interstate adhesion agreement was signed on Aug. 11. The goal of the agreement is to help the state of Maine offer a cost-friendly, state-run retirement program for workers who don’t have access to a retirement savings program, while decreasing fees for Coloradan savers.

Vestwell, in partnership with BNY Mellon, serves as the program administrator, providing record-keeping, custodial, and administrative services to employers and employees in Colorado and Maine.

Both programs are tied to the employee instead of the employer, according to the press release, making the account portable when the employee leaves and changes jobs.

The Colorado SecureSavings program has nearly 12,000 registered employers.