The state-run retirement savings programs of Colorado and New Mexico have signed a first-in-the-country memorandum of cooperation to pursue a formalized partnership agreement for their auto-enroll IRA programs.
“State partnerships can provide a cost-effective, efficient way for states to fill their retirement savings gap and ensure everyone has an accessible, easy to use option to save for their future,” the states said in a joint release.
The agreement between Colorado’s Secure Savings Program and New Mexico’s Work and $ave program highlights areas of collaboration, including shared program administration and financial services, marketing and outreach support, program evaluation and research, and data collection and participant privacy.
“Participants will benefit from lower fees achieved through creating economies of scale, as well as a truly portable benefit that follows workers across jobs and state lines,” the states said in the release.
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