Connecticut’s MyCTSavings program aims to address the retirement savings crisis. Eligible employers in the state have upcoming registration deadlines to meet their obligations for private-sector workers who don’t already have a retirement savings plan through their employers.
MyCTSavings, which began as a pilot program in the fall of 2021, helps workers set up and maintain regular contributions to a Roth IRA account. Employers are not permitted to make contributions to the program.
Employers are required to register if: they have more than five employees and do not currently offer a qualified retirement savings option. The program covers private for-profit and not-for-profit employers. There are rolling registration deadlines based on employer size:
- Employers with 100 or more employees: June 30, 2022, deadline
- Employers with 26 to 99 employees: Oct. 31, 2022, deadline
- Employers with 5 to 25 employees: March 30, 2023, deadline
Smaller businesses can enroll at any time and do not need to wait for their deadline to arrive. Employers are responsible to provide each eligible employee with information about the state-run program within 30 days of the employee’s hire date.
Employees are eligible to participate if:
- They are 19 years of age or older
- Employed with an employer for at least 120 days
- Employ and earn wages in Connecticut
Employees will be automatically enrolled in the program but can voluntarily opt out and then even re-enroll later. If a participant changes jobs, their account follows them, officials said. Registration is currently open to all eligible employers. For more information please visit: www.myctsavings.com.