Colorado Springs, Colo. — Amid workforce shortages and increasing competition for talent, small businesses in Colorado Springs are feeling the strain. To help ease some of these pressures, the Colorado Springs Chamber & Economic Development Corporation (EDC) has unveiled a new initiative aimed at supporting local businesses in meeting new state retirement plan requirements.
The Chamber has introduced the Multiple Employer Aggregation Program (MEAP), a retirement plan program designed to assist businesses in complying with Colorado’s recent law mandating that companies with five or more employees offer retirement savings options. This new initiative aims to alleviate the financial and administrative burdens often placed on small employers, providing them with a cost-effective solution to fulfill the state’s requirements.
Craig Carle, Vice President of Membership Services at the Chamber & EDC, emphasized the importance of the program in supporting small businesses. “Creating an environment where businesses can thrive is our number one goal,” said Carle. “One of the ways we can do that is by directly impacting employee benefits to offer more cost-effective options for businesses within Colorado Springs.”
The state law, which went into effect recently, requires that qualifying businesses provide a retirement plan for their employees. This law is part of an effort to address a long-standing coverage gap; before the legislation, approximately 40% of private-sector workers in Colorado—nearly one million individuals—did not have access to employer-sponsored retirement plans, according to the Colorado Treasurer’s Office.
To help businesses comply with these new regulations, the Chamber has partnered with Jensen Group Wealth Management, a subsidiary of Morgan Stanley. Through MEAP, businesses can expect to save between $3,000 and $10,000 annually, depending on their size. In addition to financial savings, the program also aims to streamline human resources (HR) paperwork and reduce administrative tasks, helping businesses save time and resources.
As small businesses continue to navigate a competitive labor market, the introduction of MEAP comes at a critical time. By providing local employers with the tools they need to offer retirement benefits while also reducing operational complexity, the initiative is expected to be a welcome relief for Colorado Springs’ business community.
