Chamber and Industry Executives: Please share this MyCTSavings information in communications to your members. Registration notices are going out to newly eligible businesses this summer, supported by television, radio and digital advertising, so your members may reach out to you for more information. We are happy to speak briefly at a meeting or provide a customized webinar for your membership on the program’s requirements.  

 

Thank you,

Lisa Kidder

MyCTSavings Strategic Communications Manager

Lisa.kidder@ct.gov

Watch for MyCTSavings notices in your inbox or mail in mid-July


MyCTSavings, the state-sponsored retirement program, will be sending notifications to newly eligible employers in July. The enrollment deadline is August 31, 2024. To be eligible, businesses must have five or more employees, not offer a qualified retirement plan, and have been in business continuously since January 1, 2023. State law requires eligible employers to either enroll in MyCTSavings or establish their own private plan.



If your business previously received notices from MyCTSavings, but has not responded, you can still register at www.myctsavings.com. By registering your business and enrolling your employees, you are giving them an opportunity to save for a more secure financial future. Currently, more than 27,000 employees are currently saving with a Roth IRA through MyCTSavings, and the total fund balance is more than $26 million. 

 

MyCTSavings is free to businesses and offering a retirement option can give you a competitive edge in hiring and retaining talented staff. As the employer, your role is to:

  1. Register for the program and upload your employee payroll to the MyCTSavings portal
  2. Keep your payroll updated in the portal
  3. Process employee contributions on your payroll cycle or assign your payroll company to process contributions

 

MyCTSavings will reach out to your employees to explain their options. If employers with an existing qualified retirement savings plan or fewer than 5 employees receive a notice, they should visit myctsavings.com with their access code and check the exemption box.

 

Complete program details are available at www.myctsavings.com 

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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.