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.

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.

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 or call 1-833-811-7436. You could also suggest that the employee speak to a financial or tax advisor.