Description

MyCTSavings is a tool for small businesses to provide a retirement savings plan to employees. State law requires that businesses with 5 or more employees, have been in business since January 1 of the previous year, and do not offer a retirement plan, must either register for and enroll employees in the MyCTSavings program, or offer another qualified retirement plan (a 401k, SEP or similar) to their employees. Join us for this free webinar to learn more about the program from the Office of the State Comptroller and ask questions.

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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 for employers to sign up.  When you register for MyCTSavings, you are creating an opportunity for your employees to invest in their futures. If your small business already offers a retirement savings plan, you will only need to fill out an exemption waiver. 

Employer Resources - MyCTSavings

The MyCTSavings website offers resources with step-by-step instructions and how-to videos for registration, employee enrollment, and sending employee payroll contributions. Live webinars on payroll processing are offered twice a month to participating business.  Myctsavings.com also offers resources to help your employees learn more about their finances, with topics including budgeting, banking, and credit, as well as retirement.

Businesses that meet the eligibility requirements can register at any time. Currently, there are no financial penalties for non-compliance, however that could change in the future. For more information, visit Program Details - MyCTSavings or call 1-833-811-7435.

Informational flyers can be found here (in English and in Spanish).