To alleviate the nationwide issue of low retirement savings for individuals in Colorado, the state is implementing a public retirement savings plan. Employers who have more than 4 employees and don't offer a retirement account, will be required to enroll in the program and auto-enroll each employee. The default savings rate will be 5% of wages, but employees can change that rate or opt out completely. There is no employer match or cost, other than the cost of setting up and maintaining the program. If you have a retirement plan in place, you may be required to apply for exemption from the program by providing documentation that you have a plan. Employers may receive notices from the Colorado State Treasurer's office in 2023 requesting that you enroll in the program or provide the documentation that you have a retirement plan. Respond promptly to all requests.