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.

Do family members who work for my business count as employees?: Family members count for purposes of determining whether you employ five or more individuals and are a “qualified employer” that must facilitate the program (unless you employ ONLY individuals whose services are excluded from coverage under the CT unemployment compensation law). However, where an individual employs that individual’s parent, spouse, or child who is under 18, those individuals are excluded from coverage as participants in the program.
If a business owner or shareholder is also an employee, are they eligible to participate?: Yes, they can participate if they are considered to be employees for tax purposes.
Do I need to facilitate the program if I only have a small number of employees?: Employers with at least five employees must facilitate the State's program if they don't offer a qualified, employer-sponsored retirement plan. Employees who work for a company with less than five employees can open their own account to start saving for retirement with MyCTSavings.

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Do I need to offer the program to work-study students?: Nope. You do not need to facilitate the program for full-time students in work-study programs.
Do payroll deduction IRAs count as a qualified, employer-sponsored retirement plan?: No. Payroll deduction IRAs are not qualified retirement plans as defined by either federal or Connecticut state statutes.
If I offer my employer-sponsored retirement plan only to some employees but not all, do I have to offer the State's program as well?: No, if you offer an employer-sponsored retirement plan to any of your employees, you will file a certificate of exemption and you will not need to facilitate the State's program.
Can cannabis-related businesses facilitate MyCTSavings?: Yes, cannabis-related businesses can facilitate MyCTSavings.
Who is responsible for choosing the investment options for participants?: The Comptroller, in consultation with the Connecticut Retirement Security Program Advisory Board, is responsible for making decisions about the investment options available to participants of the program.
Does the program have an investment consultant?: Yes. The program has a private investment consultant that provides input, monitoring, and feedback about investments to the Connecticut Retirement Security Program.
What is a Target Retirement Date Portfolio?: A Target Retirement Date Portfolio is an age-based portfolio designed to help manage investment risk and is based on two factors: an investor’s current age and approximate estimated retirement date. This type of portfolio includes a mix of investments — stocks, bonds, and cash equivalents — that evolve over time to focus on growth for younger investors and to help preserve savings closer to retirement age. MyCTSavings offers a range of Target Retirement Date Portfolios.