The Colorado Department of the Treasury has received a national award for its efforts to broaden access to retirement savings through the Colorado SecureSavings Program and the Partnership for a Dignified Retirement (PDR), a consortium led by the Colorado Treasury. The 2025 Excellence in Innovation Award recognizes 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 an auto-IRA program that allows eligible workers access to Roth IRAs that remain with them as they change jobs. The program is managed with support from the Colorado SecureSavings Board.
Launched in January 2023, Colorado SecureSavings has enrolled over 17,200 businesses and 90,000 savers, who have together accumulated more than $165 million in assets. The PDR consortium enables participating states to speed up procurement and implementation of similar programs.
“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.”
The PDR currently includes 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. Vestwell and BNY provide administrative services for these accounts.
“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 such as this are seen as effective ways to close gaps in retirement savings access. Data from Georgetown University Center for Retirement Initiatives shows that over 20 million Americans—including approximately 930,000 people in Colorado—do not have workplace retirement plans available through their employers. States encouraging early saving can reduce future dependence on safety net programs; in Colorado alone this tax burden is projected at $18 billion.
“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, Research Professor and Executive Director at 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 are presented annually by industry organizations including Defined Contribution Institutional Investment Association and Pensions & Investments Magazine during their conference.
For further information about these programs visit coloradosecuresavings.com or colorado.gov/treasury.
