How does the MyCTSavings program work?

MyCTSavings offers a simple way to save for retirement. If your employer is registered for the program, you can save through automatic payroll contributions from your paycheck. The default savings rate for a MyCTSavings account is 3% of your gross pay (the amount you earn before taxes or any other deductions). You can change your savings rate at any time. This contribution amount is then deducted from your paycheck after taxes have been taken out and contributed into your Roth Individual Retirement Account (IRA). The program is facilitated by your employer but is totally under your control.