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 there any fees for employers to participate?
There are no employer fees. Employers are not required nor permitted to make employer contributions to the program.
- What if a business doesn’t register for the program as required by law?
Any business with five or more employees in Connecticut will be required to facilitate the MyCTSavings program, unless it offers a qualified, employer-sponsored retirement plan. The program will be monitoring businesses for compliance and will try to assist businesses in getting enrolled if needed. That said, if a business falls out of compliance and fails to register, an investigation could occur and there may be penalties.
- Is there a penalty for late or omitted payroll deductions?
Failure to remit deductions in a timely manner violates Connecticut law, including wage and hour requirements. The State may impose penalties for these violations.