Do employers have to facilitate this State program?
Yes. Any employer, whether for profit or not for profit, must facilitate the State’s program if:
It employed five or more employees in Connecticut on October 1st of the previous calendar year, and;
It paid at least five employees $5000 or more in taxable wages in the previous calendar year, and;
It does not currently provide a qualified, employer-sponsored retirement savings plan
Employers who are exempt from MyCTSavings include:
Those who currently provide a qualified, employer-sponsored retirement savings plan
Those who were not in existence at all times during the current and preceding calendar years
Those employing only individuals whose services are excluded under the unemployment compensation law