MyCTSavings Retirement Program

What is MyCTSavings?

MyCTSavings is a private sector retirement savings program overseen by the Connecticut Office of the State Comptroller. State law requires that employers with 5+ full and/or part-time employees in Connecticut must enroll in MyCTSavings if they don't offer a qualified private retirement savings plan.¹ The MyCTSavings program is free to employers. Once enrolled, employees can save for their own retirement through easy, automatic payroll contributions to a Roth IRA.

Employers can get started with MyCTSavings in just a few simple steps:

1. Register. Register your company at MyCTSavings.com with your unique Access Code. If you do not have your access code, contact MyCTSavings to receive one.

2. Enroll. Provide the required information for your business and employees via the secure online portal.

3. Submit payroll. Submit employee contributions regularly on your own payroll schedule. If you have an integrated payroll provider, you can automate this process through your payroll service.

4. Maintenance. Keep employee records up to date and add new employees to the program after hire.

Working with a payroll provider?

Learn more about payroll integration at myctsavings.com/employers/payroll-providers

Benefits of MyCTSavings

For Employers

• No cost to employers
• Getting started is fast, easy, and secure
• Works seamlessly with any payroll process
• Stay competitive by offering a retirement program to your employees
• Requires very little time and administration

For Employees

• Account belongs to the employee —account and funds stay with the employee through career changes
• Secure, simple way to save for retirement
• Flexible contribution levels to meet individual needs
• It’s voluntary — employees stay enrolled automatically or opt out and re-enroll later
• Access to people and online tools to help answer questions

Learn more and enroll today at MyCTSavings.com

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References:

¹. A qualified employer is any employer, whether for profit or not for profit, that had five or more employees in Connecticut on October 1 of the prior year, at least five of whom were paid $5000 or more in taxable wages in the prior year. Qualified employers do not include those who were not in existence at all times during the current and preceding calendar years, and they do not include any employer employing only individuals whose services are excluded under the unemployment compensation law.

². The Connecticut Retirement Security Program in the Office of the State Program is the office responsible for the administration of MyCTSavings.