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How MyCTSavings Helps Employers and Employees
MyCTSavings, offered through the Office of the State Comptroller, provides employers with a free payroll retirement savings option for employees. When employers with 5 or more full-time and part-time employees enroll in MyCTSavings, employees can automatically start saving toward their own retirement, one paycheck at a time. Studies show that programs like MyCTSavings, also known as State Auto-IRAs, are effective.
“The simple fact is that auto-IRAs work,” says David John, a senior policy adviser with the AARP Public Policy Institute and a pioneer in developing automatic IRAs. “They are easy for both employers and employees to set up and use. Thanks to the state programs, a million predominantly low-to-moderate income workers can use payroll deductions to build a better future.” In Connecticut, more than 38,000 workers are now saving for retirement with MyCTSavings.
At large employers, 401(k)s, SEPs, and similar retirement programs have been available to employees for years. Many smaller employers can’t offer retirement savings due to cost, financial risk or administrative time.
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