MyCTSavings Deadline to Register is August 31st, 2023

MyCTSavings Deadline to Register is August 31st, 2023

MyCTSavings has rolled out letters to businesses that have still yet to register with the State of Connecticut’s retirement savings program. Connecticut State Law requires businesses with 5 or more employees that do not already offer a qualified retirement plan, to register or certify exemption with MyCTSavings. Businesses that have yet to register or certify exemption must do so by August 31st, 2023.

MyCTSavings Connecticut Retirement Plan

The MyCTSavings program is a state-provided Roth IRA retirement plan meant to provide small businesses with a simple way to help their employees save for the future. The plan is mandatory for businesses that don’t sponsor a qualified retirement plan and have more than five employees who each earn more than $5,000 in a calendar year. However, the plan is voluntary for employees, allowing them to opt in or out and re-enroll at a later date.

MyCTSavings offers simple administration and easy integration with your payroll process. It’s a valuable tool to attract and retain employees by giving them a simple and secure way to save through automatic payroll contributions to a Roth IRA.

If you received a letter from MyCTSavings, or if you have not signed up or certified exemption from the plan, you must do so by August 31st. If you are in need of assistance, please contact our accountants.

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2023-10-25T14:01:21+00:00August 7th, 2023|Business, Connecticut, Retirement|

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