Do employers have to facilitate MyCTSavings?
Yes, all qualified employers with five or more employees in Connecticut — at least five of whom have been paid more than $5,000 in the calendar year must facilitate the State’s program, unless the business offers an employer-sponsored qualified retirement plan.*
*A qualified employer is any employer, whether for profit or not for profit, that had five or more employees in Connecticut on October 1, 2021, at least five of whom were paid $5000 or more in taxable wages in 2021. Qualified employers do not include those who were not in existence at all times during the current and preceding calendar years, and they do not include any employer employing only individuals whose services are excluded under the unemployment compensation law.