The Colorado Department of the Treasury has received national recognition for its efforts to increase access to retirement savings through the Colorado SecureSavings Program and its Partnership for a Dignified Retirement (PDR). The program was honored with the 2025 Excellence in Innovation Award, which highlights achievements in financial inclusion and 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 among the fastest-growing automatic IRA programs in the United States. In partnership with the Colorado SecureSavings Board, it allows eligible workers to contribute to Roth IRAs that remain with them even if they change jobs.
Since its launch in January 2023, more than 17,200 businesses and 90,000 savers have joined the program, accumulating over $165 million in assets. The PDR consortium led by Colorado also helps other states adopt similar programs by streamlining procurement and implementation processes.
“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.”
Currently comprising five states—Colorado, Nevada, Vermont, Maine, and Delaware—with Minnesota expected to join soon—the partnership oversees about 130,000 retirement accounts with savings exceeding $200 million. Vestwell and BNY provide essential administrative support services across these states.
“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 those recognized by this award are seen as effective ways to close gaps in retirement savings access nationwide. Data from Georgetown University Center for Retirement Initiatives indicates that over 20 million Americans—including approximately 930,000 Coloradans—do not have workplace retirement plans. By increasing early participation in such programs now, states could reduce future reliance on government assistance; projections estimate an $18 billion potential tax burden related to safety net programs in 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, 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 annual Excellence & Innovation Awards are presented by industry groups including Defined Contribution Institutional Investment Association (DCIIA) and Pensions & Investments Magazine during their conference events.
