Register for MyCTSavings today!
This month MyCTSavings sent newly eligible employers sign-up notifications for the state-sponsored retirement savings program. The deadline to register is August 31, 2024. Businesses with five or more employees and which have been in business since the beginning of last year must either register for MyCTSavings or provide their own retirement plan.
Businesses that previously received notices and have not yet registered can still sign up at www.myctsavings.com. Registering today gives employees the opportunity to save for a more secure financial future.
If employers with an existing qualified retirement savings plan receive a notice, they should visit myctsavings.com with their access code and check the exemption box.
MyCTSavings is offered at NO COST to businesses and offering a retirement option gives businesses a competitive edge in hiring and retaining talented staff.
New website, more resources for businesses
MyCTSavings has updated its website www.myctsavings.com with a new, streamlined single log-in, simpler navigation, and more resources for business owners. Be sure to check out our live webinars for businesses and learn how to process payroll contributions or integrate your participating payroll provider with MyCTSavings. Webinars are now offered monthly for businesses that need support.
Complete program details are available at www.myctsavings.com
More than 52% of savers are under age 40
Younger employees are getting the message about the benefits of saving for retirement early to take advantage of compound interest over time. In fact, 52% of savers with MyCTSavings are under age 40. According to AARP, employees are 15x more likely to save for retirement when they can save through payroll contributions.
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