Colorado and Maine enter first-in-the-nation partnership for automatic retirement savings

Last week, the Colorado SecureSavings Program and the Maine Retirement Investment Trust established a partnership saving Coloradans and Mainers money and beginning the state-run retirement savings program in Maine. 

“I’m proud to see Colorado leading the nation on this,” said Colorado State Treasurer Dave Young. “Partnerships increase the number of Americans saving for retirement, while decreasing fees for Coloradan and American savers alike, 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.”

Hunter Railey, director of the Colorado SecureSavings Program, said, “We are looking forward to working closely with Maine in providing a high-quality, accessible retirement option to savers in our states. As more states adopt programs, it is imperative that smaller states are confident in their ability to provide a cost-effective choice.” 

An Interstate Adhesion Agreement was signed on Aug. 11, 2023. This partnership helps the State of Maine offer a cost-friendly, state-run retirement program for workers who don’t have access to a retirement savings program. This increases the number of Mainers saving for retirement, while decreasing fees for Coloradan savers. Vestwell, in partnership with BNY Mellon, serves as the program administrator, providing recordkeeping, custodial, and administrative services to employers and employees in Colorado and Maine. 

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