Dear Chamber/Industry executive:


Please share this MyCTSavings program information with your membership!


In mid-July, MyCTSavings will begin sending notifications to businesses newly eligible for the retirement savings program. The deadline to respond is August 31, 2023.

 

MyCTSavings staff is available to speak at an upcoming meeting or event, or we can provide a webinar for your organization. To schedule, please contact Lisa Kidder: lisa.kidder@ct.gov or 860-702-3331.

MyCTSavings is a retirement savings program sponsored by the Connecticut Office of the State Comptroller. The MyCTSavings program is a free option to employers that provides their employees with access to a retirement savings account through paycheck deductions. Employers with five or more employees that do not offer a retirement plan are required by law to either participate or certify that they offer a qualified retirement plan.



MyCTSavings is now sending notifications to employers that are newly eligible for the program.


The notifications (either by email or postal mail) include an access code for the business to use either to register for the MyCTSavings program or certify that the company provides a qualified retirement savings plan by August 31, 2023. 


MyCTSavings is free to businesses, simple to manage through payroll, and there is no fiduciary risk or employer match. Once an employer registers and uploads their payroll information to the MyCTSavings portal, the employees will be contacted with their options to customize their deduction and investment option, or to opt-out of the program. Employee participation is voluntary. The retirement accounts belong to the employees and are portable if the employee changes jobs.


Visit myctsavings.com for details. For questions, call 1-833-811-7435 (9 am – 6 pm, M-F), or email clientservices@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.