MyCTSavings is a state sponsored program that gives all eligible individuals working in Connecticut access to a retirement plan. Many companies currently are not able to offer a retirement plan for their employees due to the cost associated with programs. The MyCTSavings program is set up so there are no costs to the employer. The MyCTSavings Program is an easy way for individuals to get a head start on retirement. More information can be found at MyCTSavings Program Description.

Enrollment Deadlines for MyCTSavings 401K Program

The official launch of MyCTSavings began March 24, 2022. Business registration is staggered depending on the number of employees. Deadlines are being rolled out in three stages as followed:

  • Stage 1: Employers with 100+ employees
    • April 1, 2022 registration opens
    • June 30, 2022 deadline for registration
  • Stage 2: Employers with 26-99 employees
    • April 1, 2022 registration opens
    • October 31, 2022 deadline for registration
  • Stage 3: Employers with 5-25 employees
    • April 1, 2022 registration opens
    • March 30, 2023 deadline for registration

Responsibilities of Employers.

Employers must register with MyCTSavings Program if they have at least five employees who make at least $5,000 in a year. Employers must provide information to the Program; this information will be used for the creation of employee accounts. Employers will need withhold from employees. These withholdings must be timely transmitted and reported to Program Administration. Employers must keep a record of employee status in the Program as well as their contributions being made.

Employers who currently offer a retirement plan can exempt themselves by entering the required information on the website – MyCTSavings Exemption Verification.

Responsibilities of Employees

Employees must understand that the Program is voluntary, however the state requires automatic enrollment at 3% unless the employee opts out of the program. Automatic enrollment is set up by the employer, and any changes must be initiated by the employee. To opt-out employees must access their accounts and then set their contribution to 0% along with notifying their employer. Account access can be found at MyCTSavings.com. After completion of account setup and contribution elections employees should monitor their portfolio.

Eligibility of MyCTSavings 401k Program

Individuals are eligible for the MyCTSavings program under several conditions. The employee must be 19 years of age or older, considered a qualified employee for a minimum of 120 days, earned wages of $5,000 in a year, and not offered a qualifying retirement plan. Automatic enrollment to eligible individuals will be set up by employers with a standard election of a 3% contribution into the MyCTSavings Cash Preservation Portfolio.

Contact Us

If you have questions regarding the MyCTSavings 401k Program or how to get started, contact us to speak to one of our accounting professionals. Call (203) 489-0612 or fill out our contact form.

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2022-06-17T11:48:48+00:00
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