|What is MyCTSavings?
MyCTSavings is a retirement program sponsored by the Connecticut Office of the State Comptroller. State law requires business owners with five or more employees that do not offer a qualified retirement savings plan, to register with MyCTSavings or certify their exemption by August 31, 2023.
What do businesses need to do?
To comply with the law, employers who are contacted by MyCTSavings must either register at myctsavings.com and complete the enrollment process or go to the website to certify that they provide a qualified retirement savings option. The MyCTSavings program is a free option to employers that provides their employees with access to a retirement savings account through paycheck deductions.
There is still time to register before the August 31, 2023, deadline.
MyCTSavings is free to employers, quick to set up, and easy to manage:
1. Register through our secure online portal found on the www.myctsavings.com website.
2. Upload payroll and all employee information to the MyCTSavings portal.
3. Keep staff lists updated and submit employees’ contributions on your payroll schedule.
Employers can view the registration checklist as a helpful guide.
What happens next?
MyCTSavings will notify your employees
MyCTSavings will reach out to the company’s employees by email or postal mail to explain their retirement savings choices: a standard 3% contribution plan, a plan the employee can customize, or opting out of the program.