The Colorado Department of the Treasury has received national recognition for its efforts to expand retirement savings access through the Colorado SecureSavings Program and the Partnership for a Dignified Retirement (PDR). The 2025 Excellence in Innovation Award was presented to these initiatives, which were led by the Colorado Treasury, for their achievements in financial inclusion and program innovation.
“Since day one, my administration has focused on helping all Coloradans save for a strong financial future,” said Colorado State Treasurer Dave Young. “By founding the Partnership for a Dignified Retirement, our mission has grown from a handful of local businesses to a genuine national movement. With every paycheck, we are empowering tens of thousands of workers to achieve financial independence and build stronger, more resilient communities.”
Colorado SecureSavings is recognized as one of the fastest-growing auto-IRA programs in the United States. It offers eligible workers portable Roth IRAs that can move with them between jobs. Since its inception in January 2023, over 17,200 businesses have enrolled in the program, providing access to more than 90,000 savers who have collectively accumulated assets exceeding $165 million.
The state also leads PDR—a consortium that helps states implement auto-IRA programs more efficiently by sharing procurement and administrative resources. Currently comprising five states—Colorado, Nevada, Vermont, Maine, and Delaware—with Minnesota expected to join soon—the partnership manages about 130,000 retirement accounts totaling over $200 million in savings.
“I am so proud of the progress we have made as a program and a consortium,” said Hunter Railey, Executive Director of the Colorado SecureSavings Program. “We have dramatically transformed the retirement landscape—and we’re just getting started. Through shared investing and record-keeping services, we are driving down costs for savers while substantially reducing startup costs for states across the country.”
Vestwell provides recordkeeping and administrative services for participating employers and employees through its partnership with BNY.
“Congratulations to Treasurer Young, the Colorado SecureSavings team, and all partners on this well-deserved recognition,” said Douglas Magnolia, Chief Revenue Officer & President at Vestwell Government Savings. “Colorado’s pioneering launch of the nation’s first interstate retirement program has demonstrated what’s possible when policy leadership meets innovative technology. This award is a testament to their vision and commitment to ensuring more Americans have access to the savings tools they need for long-term security. We are proud to support their leadership in building a stronger future for workers across the country.”
Auto-IRA programs like these aim to address gaps in retirement savings access; according to Georgetown University Center for Retirement Initiatives data cited by officials at Georgetown University’s McCourt School of Public Policy: over 20 million Americans—including approximately 930,000 Coloradans—do not have an employer-sponsored savings plan. Early participation may help reduce reliance on public safety net programs later on—a tax burden projected at $18 billion within Colorado alone.
“As the first state to design and launch a multi-state consortium in 2023, Colorado showed remarkable vision in recognizing that collaboration can drive better outcomes—faster program launches, lower costs, and greater savings opportunities for workers,” said Angela Antonelli from Georgetown University’s Center for Retirement Initiatives. “Colorado’s Partnership for a Dignified Retirement is a national model for how states can work together to expand retirement access and strengthen retirement security across the country, with impressive growth in assets and new savers to date.”
The Excellence & Innovation Awards ceremony took place during Defined Contribution West conference on October 28th in Pasadena.
For further details about these initiatives or other information from state officials visit coloradosecuresavings.com or colorado.gov/treasury.
