Listen in to this weeks Smalls Cast Podcast as your hosts "Just Nate" and DK talk to Alan Bridges, a financial advisor, for Pennica Financial Group. Listen in as Alan talks about the changing financial environment we are all about to see happen soon.
Pennica Financial Group is an independent financial services company in Colorado Springs that serves Colorado and many other states. For over 22 years, we have served the needs of clients that truly want to work with an independent financial professional – a professional that has the client’s interests at heart and provides open solutions – not proprietary products or services.
PFG is privately held which means we do not take direction from a behemoth corporate organization. This allows us to provide objective opinions, guidance, and counsel to our clients.
We do not compromise our ability to objectively serve our client’s interests, and will work with anyone who has a strong interest to improve their financial situation. The size of your asset pool does not inhibit our ability to serve your needs.
Alan discusses the different type of Retirement Plan options that are designed for Small Businesses. 1. Solo Entrepreneur's (SEP) 2. SIMPLE 3. 401(k). Colorado will be implementing the Colorado Secure Savings Program soon, tune in now to find out how it will affect your small business today.
What is the Colorado Secure Savings Program?
On July 17, 2020, Governor Jared Polis signed into law Senate Bill 20-200, a measure creating
the Colorado Secure Savings Program. This program is a state sponsored retirement program.
Procedures for enrollment, investments, and administration are currently being developed by the
Colorado Secure Savings Board.
Who must participate in the Program:
• Employers who have 5 or more employees
• Employers with No Qualified Retirement Plan in the last 2 years
• Employers who have been in business for a minimum of 2 years
Employee:
• Has taxable wages subject to income tax
• Age 18 or older
• Has worked for 180 days
Automatic Enrollment: Employers must automatically enroll employees unless the
employee opts out of the program.
Payroll Deduction Amount: The default contribution amount is 5% and the program must
have automatic adjustment of contributions. Contributions withheld are after tax and sent to a
Roth account.
Fines for Non-Compliance: Up to $100 per eligible employee, per year, with maximum of
$5,000 per calendar year. Fines begin one year after the program is established.
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