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 I need to report contributions on my employees’ W2s?
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No. The MyCTSavings program is structured as a payroll deduction IRA and not as a traditional retirement plan that needs to be reported on your employees’ W2s. The IRA trustee for the MyCTSavings program will file “Form 5498, IRA Contributions Information” with the IRS (as needed for your employees) and will send employees a copy for their records, no later than May 31.
- Can the State use money from this program to pay for other programs?
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No. Employees’ contributions go directly to the MyCTSavings accounts in their names. The State can’t use the money for anything else, and there is no connection to other retirement plans offered by the State.
- Does MyCTSavings secure funds remitted to the employee accounts?
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MyCTSavings has processes in place to protect the security of employee contributions to their accounts. Our program administrator and their affiliates have dedicated security and compliance teams to implement encryption, strict internal protocols and training, and annual independent security audits. And they implement industry-standard account authentication and password protection procedures.
- Are there measures to keep my account safe from cyber threats?
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MyCTSavings has processes in place to protect the security of employee accounts and information. Our program administrator and their affiliates have dedicated security and compliance teams to implement encryption, strict internal protocols and training, and annual independent security audits. And they implement industry-standard account authentication and password protection procedures.
- What if my payroll company won't help me administer MyCTSavings?
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You can still offer MyCTSavings to your employees on your own with no complex administration — easily making it a part of your own payroll process. Watch this video to see how facilitating the program involves minimal steps and allows you to focus on your business.
- What if my payroll provider is stating they will charge a fee for remitting contributions with MyCTSavings?
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Whether you use a payroll provider or not, MyCTSavings does not charge a fee to remit contributions. If your payroll provider will charge you a fee for helping you facilitate the program, you can easily administer it on your own. Watch this video to see how facilitating the program involves minimal steps and allows you to focus on your business.