COLORADO SPRINGS, Colo. — With workforce shortages and rising competition for talent, small businesses across Colorado Springs are feeling the pressure. But a new initiative from the Colorado Springs Chamber & Economic Development Corporation (EDC) could provide some much-needed relief.
The Chamber has launched a new retirement plan program designed to help local businesses comply with a recent state law requiring companies with five or more employees to offer retirement savings options. Known as the Multiple Employer Aggregation Program, or MEAP, the initiative seeks to lighten the financial and administrative load for small employers.
“Creating an environment where businesses can thrive is our number one goal,” said Craig Carle, Vice President of Membership Services at the Chamber & EDC. “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.”
Colorado law now mandates that qualifying businesses provide retirement plans, a move intended to address a long-standing coverage gap. Before the rule took effect, roughly 40% of the state’s private-sector workers—nearly one million Coloradans—did not have access to an employer-sponsored retirement plan, according to the Colorado Treasurer’s Office.
To support local businesses in meeting these requirements, the Chamber has partnered with Jensen Group Wealth Management, a subsidiary of Morgan Stanley. Through MEAP, companies can save between $3,000 and $10,000 annually, depending on their size, while also streamlining HR paperwork and reducing administrative burdens.
The initiative comes at a crucial time, as small businesses struggle to stay competitive in a tight labor market.
Watch the full story above.
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