iHeartRadio Interviews Comptroller Braswell about MyCTSavings

Published on 7/20/2022

Connecticut State Comptroller Natalie Braswell recently spoke with Renee DiNino on iHeartRadio’s Community Access podcast to chat about the MyCTSavings program and how easy it is for employees and employers to participate!

Did you know that Connecticut currently has over 600,000 private-sector employees who don’t have the ability to save for retirement at work? This is because employers, especially those who own small businesses, may find the cost of offering plans to be too high, and may find risks involved in having to act as a fiduciary for a retirement plan. 

To address this issue, the MyCTSavings retirement savings program has been made a state requirement for any employer, whether for profit or not for profit, with five or more employees, that does not offer its own retirement savings plan. Once employees are enrolled in this Roth individual retirement account (IRA), they can start saving with a 3% default contribution rate, and have complete control to start or stop contributing, change their contribution rate, or update their investment elections whenever they want or need.

“This is a means by which we can say to people, ‘Have a safety net.’ This is how you start saving so that when you are ready to retire, you are ready to retire and be comfortable and secure.”

MyCTSavings can be easily implemented by employers in a three-step process: 

1) An employer will register through a secure, online portal with a unique access code. For an easy tutorial on how to register, this video is a great resource!

2) The employer will then be prompted to upload payroll and employee information in the system.

3) Every pay period, employers will come in to process contributions and update their staff lists, making it super easy and efficient.

From there, employees will be automatically enrolled into their accounts and the program will directly communicate with employees to provide notices, educational materials, account details, and more. Each employee can decide if they would like to stay enrolled in MyCTSavings or opt out.

Interested in participating? Get started today by entering the Access Code sent to you via email or mail. If you didn’t receive an Access Code, please call 1-833-811-7435 to request one.