Businesses in Colorado now are required by law to facilitate a retirement option for their employees.
REQUIREMENTS
Employers with 50 employees or more Â
Employers with 15-49 employeesMay 15, 2023
Employers with 5-14 employees
Deadline
March 15, 2023
May 15, 2023
June, 2023
PENALTY
Employers are not under obligation to make contributions to a 401(k) plan if offered.Â
However, employers who do not offer retirement options for their employees face a penalty of $100 per eligible employee per year. (up to $5,000 annually).
OPPORTUNITY
401GO can set up your company’s 401(k) plan in as little as 20 minutes and can integrate with your payroll provider. You can also offer a Roth IRA from 401GO to your employees.Â