MyCT Savings is required by law in Connecticut. But certain employers either do not qualify or can be exempt from this program.

MyCTSavings exemptions

You are exempt from MyCTSavings if:

• you provide a qualified employer-sponsired retirement plan

• your business did not exist (at all) in the previous or current year

• you are employing individuals whose services are excluded under the existing Unemployment Compensation law.

If you do not qualify for MyCTSavings

You do not qualify for MyCTSavings if you

• have fewer than 5 employees

• do not have 5 employees paid more than $5K during the calendar year

Other options for your employees

You may want to educate your employees on how they can start their own retirement savings account. Or you can also research ways to start your own qualified employer-sponsored retirement plan for your employees.