Nearly half of Connecticut companies do not offer a retirement savings plan for employees. According to AARP, that’s about 600,000 workers who may not be saving for retirement. To fill that gap, the Office of the State Comptroller is offering MyCTSavings, a retirement savings program for employees, with no cost to employers to sign up. 

MyCTSavings is sharing this information with a request that you provide it to your members and others in your network who are business owners. Below is text that you can include in a newsletter, e-blast, or on your website. 

If you own a business with 5 or more employees and do not offer a qualified retirement savings plan, state law requires that you provide a retirement savings option by August 31, 2023.  Employers can register with MyCTSavings at no cost to the business, or provide a private retirement plan to comply with the law.   

MyCTSavings is free to employers, quick to set up, and easy to manage:  

1. Register through a secure online portal: myctsavings.com 
2. Upload payroll and employee information to the system 
3. Keep staff lists updated and submit employees’ contributions on your payroll schedule  

MyCTSavings will reach out to your employees to explain their options. There is a 30-day auto-enrollment window to allow employees to make a choice:   

1. Do nothing and a Roth IRA account in their name will be set up with a 3% payroll contribution into a diversified targeted date fund (based on year of birth).  
2. Customize their savings choices by logging into the portal and setting the payroll contribution rate and choosing from a variety of investment mixes. 
3. Opt-out of the program. They can opt-back in later if they wish.   

If your organization already offers a retirement plan and received a notice from MyCTSavings, you must log on to the www.myctsavings.com, click on “Certify exemption” and enter your access code to comply with the law.  



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

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.