MyCTSavings Compliance Information

Chamber and Industry Executives: 

Please share the information below with your members.

MyCTSavings wants to collaborate with your organization to keep members informed on the program so they can provide a valuable retirement option to employees while complying with state law. The MyCTSavings staff can provide a 30-minute webinar, a 5-minute update or formal presentation at a meeting, or set up a table at an event.

Thank you, 

Lisa Kidder

lisa.kidder@ct.gov

Is your business in compliance with MyCTSavings?

Since the first of this year, MyCTSavings has been sending notifications by postal mail to businesses that are eligible for the MyCTSavings program and have not responded to previous notifications. If your business has received a recent notice, please review the letter and follow the directions. If your business meets the eligibility requirements of five or more full- and part-time employees and does not have a retirement plan, then you must either register the business and enroll your employees or provide another qualified retirement option for your employees.

If your business currently offers a qualified retirement plan to employees, the business is

exempt. Please go to myctsavings.com, log in with the access code on the letter and certify your exemption.

If your business has fewer than five employees, it is not eligible for MyCTSavings yet. Go to myctsavings.com to exempt the business as it does not meet the minimum employee count. After your business grows to more than 5 employees, you can enroll in MyCTSavings.

Offering a retirement savings option to employees can give your business a competitive advantage in hiring, while giving your employees a valuable opportunity to save for a more secure retirement through their paychecks.

Americans are roughly 15 times more likely to save for retirement when their workplace offers a plan and 20 times more likely to save if contributions are automatic, according to the Pew Charitable Trust. With MyCTSavings, more than 80% of employees who are auto-enrolled remain in the plan and save.

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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.