C.R.S. Section 8-4-105.5
Automatic enrollment in retirement plans

  • relief from liability
  • conditions
  • definitions
(1)(a)(I) An employer that provides automatic enrollment in an employee retirement plan is not liable for the investment decisions made by the employer on behalf of any participating employee with respect to the default investment of contributions made for that employee to the plan if:

(A)

The plan provides the participating employee at least quarterly opportunities to select investments for the employee’s contributions among investment alternatives available under the plan;

(B)

The participating employee is given notice of the investment decisions that will be made in the absence of direction from the employee, a description of all the investment alternatives available for employee investment direction under the plan, and a brief description of procedures available for the employee to change investments; and

(C)

The employee is given at least annual notice of the actual default investments made of contributions attributable to the employee.

(II)

The relief from liability of the employer under this subsection (1) extends to any employee retirement plan official who makes the actual default investment decisions on behalf of participating employees.

(b)

Nothing in this subsection (1) modifies any existing responsibility of employers or other plan officials for the selection of investment funds for participating employees.

(2)

As used in this section:

(a)

“Automatic enrollment” means an employee retirement plan provision under which an employee will have a specified contribution made to the plan, equal to a compensation reduction, that will be made for the employee unless the employee affirmatively elects, in accordance with the federal “Pension Protection Act of 2006”, Pub.L. 109-280, either not to have any compensation reduction contributions or a compensation reduction contribution in an alternative amount.

(b)

“Employee retirement plan” means a plan described in sections 401(k) or 403(b) of the federal “Internal Revenue Code of 1986”, as amended; a governmental deferred compensation plan described in section 457 of the federal “Internal Revenue Code of 1986”, as amended; or a payroll deduction individual retirement account plan described in sections 408 or 408A of the federal “Internal Revenue Code of 1986”, as amended.

Source: Section 8-4-105.5 — Automatic enrollment in retirement plans - relief from liability - conditions - definitions, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-08.­pdf (accessed Oct. 20, 2023).

8‑4‑101
Definitions 8‑4‑102
Proper payment - record of wages 8‑4‑103
Payment of wages - insufficient funds - pay statement - record retention - gratuity notification - penalties 8‑4‑104
Funds available to pay wages - mining industry 8‑4‑105
Payroll deductions permitted - notice required 8‑4‑105.5
Automatic enrollment in retirement plans - relief from liability - conditions - definitions 8‑4‑106
Early payment of wages permitted 8‑4‑107
Post notice of paydays 8‑4‑108
Payment in the event of strike 8‑4‑109
Termination of employment - payments required - civil penalties - payments to surviving spouse or heir 8‑4‑110
Disputes - fees 8‑4‑111
Enforcement - duty of director - duties of district or city attorneys - rules 8‑4‑111.5
Hearing officer review and appeals of administrative actions 8‑4‑112
Enforcement of director subpoenas 8‑4‑113
Fines pursuant to enforcement - wage theft enforcement fund - created - administrative lien and levy of employer assets - wage claim payments from the fund - definition - rules 8‑4‑114
Criminal penalties 8‑4‑115
Certificate of registration required 8‑4‑116
Issuance of certificate of registration 8‑4‑117
Additional obligations 8‑4‑118
Authority to obtain information 8‑4‑119
Penalty provisions 8‑4‑120
Discrimination and retaliation prohibited - employee protections - criminal penalties - civil remedies 8‑4‑121
Nonwaiver of employee rights 8‑4‑122
Limitation of actions 8‑4‑123
Termination of occupancy pursuant to contract of employment - legislative declaration 8‑4‑124
Third-party food delivery services - prohibitions - penalties - definitions 8‑4‑125
Supplemental health-care staffing agencies - annual certification - contract restrictions - penalty - civil action - reporting - definitions
Green check means up to date. Up to date

Current through Fall 2024

§ 8-4-105.5’s source at colorado​.gov