MyCTSavings Compliance Information

Chamber and Industry Executives: 

I am reaching out to let you know that due to recent changes in state law, eligible employers that have not adopted a private retirement plan or enrolled in MyCTSavings may be assessed annual financial penalties starting in 2026 after a series of notices. Below is a summary to share on your communications channels and more information will follow as plans develop. We appreciate your assistance in keeping your membership informed of their responsibilities as business owners. The MyCTSavings staff would be happy to attend upcoming meetings to answer your members’ questions. We can also provide a webinar/Q&A session if that format is better for your organization.

Thank you,

Lisa Kidder

lisa.kidder@ct.gov

MyCTSavings Program Updates

MyCTSavings is a state-sponsored retirement savings program, administered by the Office of the State Comptroller. Employers with 5 or more full- and/or part-time employees that do not offer a retirement plan are required to sign up for MyCTSavings or adopt a qualified private plan. When businesses enroll, their employees can save for retirement through payroll contributions into a Roth IRA. The program is free to businesses, and employee contributions are processed as a payroll deduction.

During the 2025 State Legislative session, there were several amendments to the statute that governs the MyCTSavings Program including compliance enforcement.

MyCTSavings Compliance

Qualified employers that do not either facilitate in MyCTSavings or adopt a private retirement plan will be subject to annual financial penalties. Employers will be notified that their company is not compliant three times before fines are assessed. The fines range from $500 to $1,500 annually:

$500 for employers with 5-24 employees
$1,000 for employers with 25-99 employees
$1,500 for employers with 100 or more employees

Compliance is expected to be implemented in 2026, and information will be shared as the timelines develop. Employers will be given ample notice of this important change. In the meantime, employers are encouraged to register and enroll their employees now. With MyCTSavings, employers provide an opportunity for their employees to build a more secure retirement, at no cost to their business, and will avoid penalties in the future. Visit myctsavings.com to sign up.

MyCTSavings 2025 Annual Enrollment

Employers that are newly eligible for the MyCTSavings program will receive enrollment notices in July and August. The notices include an access code to register for the program and enroll employees. MyCTSavings is an auto-enrollment program, so employers must enroll all full- and/or part-time employees aged 19 or older. The deadline to register is August 31. Employers that previously received enrollment notices and whose deadlines have passed are still required to register. If an employer that already offers a qualified retirement plan receives a notice, they can certify their exemption at myctsavings.com.

MyCTSavings is overseen by the Connecticut Office of the State Comptroller (“Comptroller”). Vestwell State Savings, LLC, is the program administrator. Vestwell 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.