In a groundbreaking move, the Colorado SecureSavings Program and Delaware EARNS have joined forces to enhance retirement options for individuals nationwide. This dynamic collaboration marks a crucial step towards providing sustainable and dignified retirement choices for all.
Echoing this sentiment, Dave Young, Colorado State Treasurer, expressed his enthusiasm, stating, “This is an important step towards expanding sustainable and dignified retirement options across the nation. We appreciate the vote of confidence from the Delaware EARNS Board, and we are looking forward to working closely with Treasurer Colleen Davis and her team.”
Colorado and Delaware Partnership for Automatic Retirement Savings
“We are grateful to the EARNS Program Board for supporting our entry into this innovative consortium with Colorado and Maine. Doing so will ensure that Delawareans have the highest quality choice when it comes to retirement savings,” said Delaware State Treasurer Colleen C. Davis. “Nearly 150,000 Delaware workers currently have no way of saving for retirement through their workplace. Today, we took a major step toward closing that gap.”
Delaware’s decision to join the Partnership for a Dignified Retirement marks a significant milestone! By offering employers the means to provide accessible savings options, we’re on track to enhance the financial well-being of families nationwide.
Fayetta M. Blake, Chair of the Delaware EARNS Program Board, expressed delight in supporting this groundbreaking interstate collaboration. “This historic partnership ensures that Delaware workers gain access to a much-needed retirement savings vehicle,” she remarked. “By joining forces, we’re not only expediting the EARNS program launch, but also saving time and costs. Plus, Delaware participants stand to benefit from economies of scale, fostering the growth of their savings.”
How Does This Retirement Savings Partnership Works?
The Delaware EARNS Program Board’s unanimous vote to join the Partnership for a Dignified Retirement is a positive move. This collaboration empowers the state to provide an affordable, state-run retirement program for workers lacking access to such savings initiatives. With Vestwell and BNY Mellon as Program Administrators, the partnership offers essential recordkeeping, custodial, and administrative services to employers and employees in participating states.
This partnership is a game-changer, opening doors for more individuals to enroll in workplace retirement programs. It emphasizes simplicity for both employers and savers, setting an example for other states to follow. The state-facilitated retirement program for private-sector employers leverages the magic of compound interest, fostering faster growth of retirement funds over time.
The beauty of these partnership programs lies in their portability. Tied to the employee rather than the employer, the accounts remain accessible when the employee changes jobs. This user-friendly approach makes state-run retirement programs a crucial tool for providing financial security to the workforce.
The goal of the Delaware EARNS program is to provide workers and employers access to low-cost retirement savings plans, which you can explore here at de.gov/earns. Colorado business owners need to decide on their retirement plan options by December 31, 2023. Get all the information you require at coloradosecuresavings.com.