Newly eligible businesses for MyCTSavings retirement program to receive notices in July.
The MyCTSavings retirement program will be sending notifications to employers who became eligible to participate in MyCTSavings in 2024 this July. The deadline for registration and enrollment is August 30, 2024. To be eligible to participate in MyCTSavings, businesses must have five or more employees, not offer a qualified retirement plan, and have been in continuous operation since January 1, 2023. State law requires eligible employers to either enroll in MyCTSavings or establish their own private plan.
MyCTSavings is free to businesses and allows employees to save for retirement through payroll contributions to build a more secure financial future. Your business can gain a competitive edge in hiring and retaining talented staff when you provide a retirement savings program.
Once you register the business and enroll employees, MyCTSavings will follow up to advise them of their options: a choice between a standard or custom Roth IRA investment portfolio, or to opt-out. Your responsibility as an employer is to process ongoing employee contributions through payroll.
Employer notifications will be sent by email or postal mail, from the state's authorized vendor, Vestwell State Savings, LLC dba Sumday. The notices include an access code to register on the MyCTSavings portal. If your employer already has a qualified retirement savings plan and receives a notice, you should log on and check the exemption box on the website to let the program know you are exempt.
If your business previously received a notification from MyCTSavings, you can still enroll at www.myctsavings.com.
|