Chamber and Industry Executives:   

Please share the information below with your members.   

MyCTSavings wants to collaborate with your organization to help you keep your members informed and comply with state law. We can provide a 30-minute webinar, present at a meeting, provide a 5-minute update at a networking meeting, or set up a table at events. Contact us as 860-702-3331 or email lisa.kidder@ct.gov. 

Thank you,   

Lisa Kidder 

MyCTSavings Strategic Communications Manager  

Lisa.kidder@ct.gov 

MyCTSavings Benefits Businesses and Employees  

The MyCTSavings program is a free and easy to implement retirement savings option for small businesses to offer their employees. The program is sponsored by the Office of the State Comptroller. 

More than 40% of businesses in Connecticut are unable to offer their employees a retirement option, due to cost, risk to the business, or administrative burden, leaving workers without access to contribute to a retirement plan through an employer. 

Research shows that saving for retirement through payroll contributions is the most successful strategy to encourage workers to save for their own retirement. When business owners register and enroll their eligible employees in MyCTSavings, 82% of employees are taking advantage of the opportunity to save in a Roth IRA, and just 18% opt-out. Employees also have the option to customize their account by setting their contribution percentage and choosing from a list of investments.  

MyCTSavings is free for employers and simple to facilitate by submitting employee contributions as part of the payroll process. Many business owners say the ability to offer a retirement program gives them a competitive edge in hiring and retaining employees. Employees report they are happier working for a business that offers an opportunity to secure their financial future.    

Visit myctsavings.com for program details and enrollment resources. State law requires that businesses with 5 or more employees that do not offer a retirement plan either sign up for MyCTSavings or provide another qualified retirement plan. Let us help you help your employees start saving for a more secure financial future.   

MyCTSavings is overseen by the Connecticut Office of the State Comptroller (“Comptroller”). Vestwell State Savings, LLC, dba Sumday Administration (“Sumday”), is the program administrator. Sumday and its affiliates are responsible for day-to-day program operations. Participants’ who use MyCTSavings beneficially own and have control over their Roth Individual Retirement Accounts (“IRA”), as provided in the program offering set out at myctsavings.com.