Definitions

As used in this article 54.3, unless the context otherwise requires: (1) "Board" means the Colorado secure savings program board established in section 24-54.3-103. (2) "Employee" means any individual who is eighteen years of age or older, who is employed by an employer for at least one hundred eighty days, and who earns wages subject to income tax pursuant to section 39-22-104. (3) "Employer" means a person or entity engaged in a business, industry, profession, trade, or other enterprise in the state, whether for profit or not-for-profit, that employed five or more employees at any time during the previous calendar year, has been in business at least two years, and has not offered a qualified retirement plan to any employees, including, but not limited to, a plan qualified under sections 401 (a), 401 (k), 403 (a), 403 (b), 408 (k), 408 (p), or 457 (b) of the internal revenue code in the preceding two years. (4) "Fee" means investment management charges, administrative charges, investment advice charges, trading fees, marketing and sales fees, revenue sharing, broker fees, and other costs necessary to run the Colorado secure savings program. (5) "Internal revenue code" means the federal "Internal Revenue Code of 1986", as amended, or any successor law. (6) "IRA" means a Roth individual retirement account authorized pursuant to section 408A of the internal revenue code or a traditional individual retirement account. (6.5) "Program" means the Colorado secure savings program created by the board pursuant to section 24-54.3-103 (1). (7) "Wages" means any compensation within the meaning of section 219 (f)(1) of the internal revenue code that is received by an employee from an employer during the calendar year.