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 employees need to fill out paperwork to enroll or make changes?
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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?
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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?
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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.
- Can I have a designated employee or payroll services provider complete the registration and enrollment process?
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Yep. You can elect to add “Admins” to your account to help facilitate the MyCTSavings program if you choose not to do it yourself. This could be an authorized employee or even staff from your payroll provider. Best of all, the program is designed to work seamlessly with many payroll provider systems.
- If I offer MyCTSavings to my employees now and then decide to offer a qualified retirement plan later, what do I do?
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Employers that choose to introduce a qualified retirement plan after enrolling employees in the MyCTSavings program should contact our client services team at 1-833-811-7435 and request to “unregister.” We will begin the manual process of exempting your business from the program and adjusting your employees’ accounts as needed. You should communicate what is happening to your employees and inform participating employees that they can still access their MyCTSavings account after you’ve exempted out of the program.
- How will I know when I have to register and enroll my employees?
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All eligible Connecticut employers are required by law to facilitate MyCTSavings if they don't offer a retirement plan for their employees. Initial registration deadlines have passed for previously notified businesses, but you can still take action to avoid enforcement penalties in 2024.
Each year, MyCTSavings will review state data to identify newly eligible employers for the program. Newly eligible businesses will receive a notification that they are required to sign up for MyCTSavings or certify exemption from the program. The next deadline will be in 2024.
- 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.