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.
- How long does it take to complete enrollment online?
That depends on how many employees you have and whether you enter their information manually, use the batch upload feature, or use our payroll system integration for multiple employees. Once employees are entered into the system, just update your payroll processing to include employee contributions, which are seamlessly deposited into each employee’s account.
- Does the State have printed or electronic materials to help my employees understand the benefits?
Yes. There are educational materials you can send to employees electronically or print and share with them.
- How are accounts tracked?
Accounts are tracked using tax ID numbers or Social Security numbers.
- What do employees need to do after I enroll them?
Your employees can choose to stay automatically enrolled in MyCTSavings or opt out; they have 30 days to decide after you add them to the program. If they stay enrolled, the payroll deductions that they elect and that you set up for them in your employer portal will start as soon as your next payroll. If they choose to opt out, they will be removed automatically from the program and can always rejoin later.
- What if an employee already has a MyCTSavings account through another employer?
No worries. Just provide basic information about the employee, and MyCTSavings will use the information to direct new contributions to the employee’s existing account.
- What does automatic enrollment mean?
As soon as you add your eligible employees, their payroll contributions will start, unless the employees have opted out.
- What if an employee asks me for advice about the program or its investment options?
You should not provide any advice about the program or investments. Your responsibility is to facilitate the program only. Instead, advise the employee to visit MyCTSavings.com or call 1-833-811-7436. You could also suggest that the employee speak to a financial or tax advisor.
- Do employees need to fill out paperwork to enroll or make changes?
Employees are enrolled automatically and do not need to fill out any paperwork. Once enrolled, employees can manage most account functions online. But, if needed, there are offline forms available for certain account changes; these forms can be downloaded, filled out, and sent in. Our customer service team is also available if your employees need any additional help or have other questions.
- When do I need to enroll new employees?
Per Connecticut state statute, employees must be employed for at least 120 days before being enrolled.
- What do employers need to facilitate the State's program?
To enroll, we just need your EIN and the Access Code we provide to you via email or letter. After that, you’ll provide a list of your employees and your payroll information. And 30 days later, you’ll need to update your participating employees’ contribution rates within your payroll. From that point on, you’ll just need to keep your employees’ payroll contributions and staff list up to date.