Get answers to frequently asked questions

Investing for your retirement means setting a long-term goal to grow your savings. Investments will fluctuate — there’s no way to time your investment activity only to benefit from positive gains. MyCTSavings offers investment options with various risk levels. Choose the one(s) that best fit your risk tolerance.

Each investment option for MyCTSavings is a portfolio that consists of various mutual funds, each with its own underlying expenses, otherwise known as an expense ratio. The expense ratios and other information about the underlying portfolios can be found at the following links:

Fidelity® Total Market Index Fund

Schwab Total Stock Market Index Fund® 

Fidelity® International Index Fund 

Fidelity® Emerging Markets Index Fund

Fidelity® U.S. Bond Index Fund 

Schwab U.S. Aggregate Bond Index Fund

Fidelity® Long-Term Treasury Bond Index Fund

Schwab Treasury Inflation Protected Securities Index Fund 

Vanguard Emerging Markets Bond Fund Admiral Shares

Vanguard High-Yield Corporate Fund 

Vanguard Cash Reserves Federal Money Market Fund

In addition to the expense ratios, there are also Asset-Based fees and Annual Account fees for the Program, regardless of which investment option you choose. These fees and expense ratios go towards managing and running the MyCTSavings program and the underlying investment portfolios, respectively.

Program participants who are enrolled using the default savings choices and who do not make any investment selections will have their funds invested automatically in a money market fund until 60 days have passed after an initial contribution has been made. Then, after 60 days, all funds will be exchanged and contributed automatically to an age-appropriate Target Retirement Portfolio.

You can get general information about the portfolios here, or talk to a financial advisor about your investment options.

The State Comptroller, in consultation with the Connecticut Retirement Security Program Advisory Board, whose mission is to “promote and enhance retirement savings for private sector employees in the State,” is responsible for making decisions about the investment options available in the program.

The Connecticut Retirement Security Program has selected Vestwell State Savings, LLC, dba Sumday Administration, as the program’s new administrator. Sumday, a Vestwell Holdings, Inc. company, is an experienced retirement and college savings services provider and will act as the IRA trustee, manage account records, operate the website www.MyCTSavings.com, receive and process retirement contributions and distributions, and provide customer service.

A Target Retirement Portfolio is an age-based fund designed to help manage investment risk and is based on two factors: an investor’s current age and approximate estimated retirement date. This type of fund includes a mix of investments — stocks, bonds, and cash equivalents — that evolve over time to focus on growth for younger investors and to help preserve savings closer to retirement age. MyCTSavings offers a range of Target Retirement Portfolios.

It will not. Your money is yours and does not belong to anyone else. During the time you participate in the MyCTSavings program, your money will be pooled with other MyCTSavings participants and invested only in the Investment Options for this program. You have complete control of your account, which is tracked individually so that you always know how much is in your account.

They’re deposited into a Roth IRA that is yours to keep for life and that you control completely.

The standard contribution is 3% of your gross income (which is the total amount you make in your paycheck before any taxes or deductions are taken out). You can choose to save more, or less, in 1% increments.