Dear Chamber/Industry executive:


Businesses with five or more employees that do not offer a retirement plan are required by the State of Connecticut to sign up for MyCTSavings or provide another qualified retirement plan to their employees by August 31, 2023. 


Please share this MyCTSavings information with your membership! 

MyCTSavings Enrollment Deadline is August 31, 2023!


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


Over the summer, notices are being sent to newly eligible businesses, as well as businesses that received notifications to participate in MyCTSavings prior to March 2023. The deadline to respond is August 31, 2023.  


“Before MyCTSavings, nearly 600,000 workers in Connecticut didn’t have access to a retirement plan through their job, but we’ve changed that,” said Connecticut State Comptroller Sean Scanlon.  


More than 17,000 employees are now saving for retirement with a Roth IRA because their employers registered for MyCTSavings. More than 4,600 businesses have registered, and offering a retirement option helps these businesses to attract and retain talented employees.


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.