Chamber and Industry Executives:  

Please share the information below with your members.  

If you are looking for speakers for your fall/winter meetings, MyCTSavings can provide a 30-minute webinar, present at a meeting, speak for 5 minutes at an informal meeting, or set up a table at events. We want to collaborate and help you educate your members on how to comply with state law.

Thank you,  

Lisa Kidder 

MyCTSavings Strategic Communications Manager  

Lisa.kidder@ct.gov 

MyCTSavings Compliance Tips

MyCTSavings is designed to be a simple, free, and easy to implement retirement option for small businesses to offer to employees. As a reminder, state law requires businesses with 5 or more employees, that do not currently offer a retirement plan, to either register with MyCTSavings or provide another qualified retirement plan. MyCTSavings is free to the business. To be eligible for MyCTSavings, the company must have been in business as of at least 1/1/23. 

When a business enrolls, MyCTSavings contacts the employees to inform them of their enrollment in the program and that a Roth IRA will be created for them. Employees can opt-out of the program or choose to customize their Roth IRA by setting the contribution percentage and selecting from several fund options. Employees who want to opt-out must notify MyCTSavings of their choice. The employer cannot opt-out for them.

The 2024 deadline for businesses to enroll has passed. However, businesses can still enroll. Companies that have already received a notice should go to myctsavings.com register and enroll their employees, or certify that the company is exempt if a retirement plan is already offered. Currently there are no penalties for non-compliance, but to avoid future enforcement action, businesses must respond to the notifications. If you need your access code, you can retrieve it on myctsavings.com, following the employer prompts, or call 1-833-811-7435. 

To assist with the enrollment process for registered businesses, MyCTSavings is offering twice monthly webinars focused on payroll processing, hosted by Vestwell State Savings, the program’s contract administrator. Register at Webinars - MyCTSavings.  

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.