Get answers to frequently asked questions
MyCTSavings is a new retirement savings program created to help Connecticut’s 600,000 private-sector employees without access to employer-sponsored retirement plans. Here are answers to many of the common things we’ve been asked. If you have questions beyond these, we’re here to help. Just drop us a line.
- What was the legislation that created MyCTSavings?
In 2016, the Connecticut Legislature enacted Public Act 16-29, which created the Connecticut Retirement Security Authority — now called the Connecticut Retirement Security Program (CRSP) and housed in the Office of the State Comptroller -- which is responsible for creating MyCTSavings.
- Will services be available in other languages?
Yes, the call center will offer assistance in English and Spanish and will have access to translation services for other languages. Certain materials may also be available in Spanish.
- Where should I turn if I have an issue or concern with a MyCTSavings account?
We're always available to answer any questions or concerns you may have. Whether you want to call, email, or send us something by mail, you can get our contact information here.
- What if a business doesn’t register for the program as required by law?
Any business with five or more employees in Connecticut will be required to facilitate the MyCTSavings program, unless it offers a qualified, employer-sponsored retirement plan. The program will be monitoring businesses for compliance and will try to assist businesses in getting enrolled if needed. That said, if a business falls out of compliance and fails to register, an investigation could occur and there may be penalties.
- Is there a penalty for late or omitted payroll deductions?
Failure to remit deductions in a timely manner violates Connecticut law, including wage and hour requirements. The State may impose penalties for these violations.
- When can I register?
MyCTSavings is available right now to all eligible Connecticut employers. Official registration communications with unique Access Codes and instructions are being sent to businesses throughout 2022 and early 2023. When you receive your communication, simply enter your EIN and the Access Code that was sent to you, on our secure online portal. You can also learn more about the program and prepare to offer your employees this retirement savings opportunity by downloading the Registration Checklist here.
- What if I already offer a qualified retirement account?
plan are exempt from facilitating the program but must certify their exemption online. Simply enter the secure online portal and provide your EIN and the Access Code sent to you. Then, in the space provided, certify that you offer a plan.
- How does enrollment work?
First, you’ll be asked to provide certain information about your business and employees. We ask only for the basic information necessary to set you up as an employer and to set up your employees' accounts. You’ll get information to share with your employees that will include instructions for them. After that, you’ll start the payroll contributions for the employees who choose to stay in the program.
To get a better understanding of how enrollment works, watch a step-by-step video.