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.

Are workers of only certain immigration statuses eligible for the program? What about undocumented workers?

Only workers with a verifiable Individual Tax Identification Number (ITIN) or Social Security number (SSN) can participate in the program. If a worker's information cannot be verified, the worker will not be enrolled, and an account will not be established for him or her.

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.

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.

Who is responsible for choosing the investment options for participants?

The Connecticut Retirement Security Authority 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 Authority.