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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