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