MyCTSavings Compliance to begin in 2026

Chamber and Industry Executives:

Please share the information below on recent changes to the MyCTSavings program. Under CT State law, eligible employers that have not adopted a private retirement plan or enrolled in MyCTSavings may be assessed annual financial penalties. The MyCTSavings staff would be happy to attend an upcoming meeting to answer your members’ questions, or we can provide a webinar/Q&A session designed for your group.

Thank you,

Lisa Kidder

MyCTSavings Program Updates

MyCTSavings is a state-sponsored retirement savings program, for employers with 5 or more full- and/or part-time employees that do not offer a retirement plan. When businesses enroll, their employees can save for retirement through payroll contributions into a Roth IRA. The program is free to businesses, and more than 50 payroll companies work with MyCTSavings to provide payroll integration with your existing payroll process.

Compliance with MyCTSavings

In the 2025 legislative session, statute was changed to include fines for qualified employers who are noncompliant with state retirement law. Beginning in 2026, eligible employers who have not either joined MyCTSavings or adopted a private plan will be sent compliance notifications before fines are assessed. The fines range from $500 to $1,500 annually, depending on the employer's number of employees.

Businesses will be given ample notice of this important change, and more information will be shared as details are finalized. In the meantime, employers are encouraged to review their options, register, and enroll their employees for MyCTSavings or a private retirement program to avoid fines in the future.

Building retirement savings is critical for a secure financial future. For employees, saving through payroll contributions at work is a simple and effective way to achieve that goal. Visit myctsavings.com for more information.

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 for more information.