Hello everybody,
Effective in 2023, the state of Colorado will mandate that businesses with five or more employees have a company-sponsored retirement plan. As a result, the state of Colorado will be offering an automatic enrollment Roth IRA option that will be available to all businesses. However, if you don’t want the state of Colorado running your company’s retirement plan, reach out to us and we can walk you through all the options. whether that be a 401k or a simple IRA and all the options in between we will perform a complementary analysis for you so that you can make a good decision for the business for the owner and for the employees our objective here at CC coaching and Consulting is to help you make an informed decision.

Plan to work towards your dreams and goals in partnership with us. With the help of a customized financial plan, you will be able to see what is needed to pursue your goals in retirement. Call today to set up a complimentary consultation- 720-738-4711 or visit our website-

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Kyle Ciarlelli joined the CC Coaching and Consulting, Inc. team in May 2019.

Kyle’s primary goal is to provide professional guidance to the next generation of small business owners who are interested in designing a new robust Qualified Retirement Plan – 401(k) – or enhancing their current plan.

Kyle understands that one size does not fit all and will collaborate with the owner to customize a plan that will be in balance with their business needs while offering an enticing array of benefits for their employees. Aside from advising on 401(k) plans, Kyle also enjoys working with individuals to design a customized financial plan that is tailored to accommodate each life stage, such as children, education planning, retirement, market volatility, and the unexpected….(read more)

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New Rule for Businesses in Colorado: The Introduction of Company-Sponsored Retirement Plans

In a move to bolster retirement security for their employees, the state of Colorado has recently implemented a new rule requiring businesses to offer company-sponsored retirement plans. This groundbreaking legislation aims to address the growing concerns around inadequate retirement savings and aims to ensure that workers have access to financial stability in their golden years. Let’s delve deeper into this new rule and its impact on businesses and employees alike.

Under the new law, known as the “Colorado Secure Savings Plan,” employers who do not already offer a retirement savings plan to their employees, such as a 401(k) or a pension plan, will be required to automatically enroll their workers into a state-sponsored retirement savings program. This program offers a simple and hassle-free option for businesses to help their employees save for their retirement. It relieves businesses from the administrative burden of managing a retirement plan while ensuring their workers have access to one.

The Colorado Secure Savings Plan is designed to be accessible to all workers, regardless of their income or employment status. By providing an easy and convenient way to save for retirement, it aims to close the retirement savings gap that often affects low-income workers or those employed by small businesses that lack the resources to implement a retirement plan. This new rule will offer these employees a chance to build a secure financial future, improve financial literacy, and achieve greater peace of mind.

The benefits of this new rule extend beyond the employees themselves. Studies have shown that workers who have access to a retirement savings plan are more likely to be financially independent in retirement, reducing their reliance on state-funded programs. By implementing this new rule, Colorado aims to decrease the strain on public resources and safeguard the financial well-being of its citizens while fostering a sense of financial responsibility.

Businesses may question the feasibility and cost of complying with this new rule. However, the Colorado Secure Savings Plan has been designed to minimize the administrative and financial burden on employers. The program will be administered by a private-sector third-party entity selected by the state through a competitive bidding process. This means that businesses will not have to bear the costs of setting up or managing the retirement plan themselves. Furthermore, businesses with fewer than five employees are exempt from this requirement, ensuring that the rule targets larger entities with more resources to implement such a program.

It is important to note that while the new rule requires businesses to automatically enroll their employees, workers maintain the freedom to opt-out of the program or adjust their contribution levels. Employees are encouraged to educate themselves about the benefits of the retirement plan and make informed decisions about their financial future.

In summary, the implementation of company-sponsored retirement plans in Colorado is a significant step towards addressing the retirement savings crisis and ensuring the financial well-being of workers. By mandating employers to offer retirement plans or enroll their employees in state-sponsored programs, the new rule aims to bridge the retirement savings gap and provide workers with the opportunity to secure a comfortable retirement. While businesses may have initial concerns, the Colorado Secure Savings Plan is designed to minimize the administrative and financial burdens, making it feasible for businesses to comply with this new rule. Ultimately, this rule benefits businesses by contributing to the financial stability and overall well-being of their employees.