Get answers to frequently asked questions

Connecticut’s new state-sponsored retirement savings program is open right now. It was created to help the 600,000 private-sector employees without access to employer-sponsored retirement plans. We understand you’ll have questions. Here are the answers to some frequently asked questions. If you have additional questions, we’re here to help.

Do I have to work for a certain amount of time in order to participate?

The enrollment process takes 60 days. If you work for an employer for fewer than 120 days, you won’t be enrolled. But there is no mandatory waiting period.

What if there are only a few employees at my workplace?

Any company with five or more employees must facilitate the MyCTSavings program. If your employer is too small to meet the registration requirements, you can also open and contribute to your own retirement account with MyCTSavings.

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If I do not have earned income, can I still join MyCTSavings?

No, to qualify for any IRA under IRS regulations you need earned income.

Are there income limits to participate in MyCTSavings?

Yes, you must determine if you meet federal income limits. If you don’t, you can’t contribute to Roth IRA accounts. Simply put, if you make over a certain amount of income in a given year, you may not be eligible. This income limit is determined by the IRS and is based on something called your Modified Adjusted Gross Income (MAGI). This figure is determined by certain deductions that are removed and, in some cases, added back into your gross income. You can use this worksheet from the IRS to help you calculate your MAGI. Your MAGI will determine how much you are able to contribute to your Roth IRA account. Traditional IRAs do not have an income limit.

I’m self-employed. Can I set up my own MyCTSavings account?

If you are 19 years of age or older, have Connecticut taxable income, and are eligible to contribute to a Roth IRA under the federal rules governing IRAs, you can open your own retirement account with MyCTSavings here. You can set up automatic contributions through your bank account or contribute by check using a mail-in paper form after your account has been set up.

Open an account

What are the opt-out and opt-in rules for MyCTSavings?

You can opt out at any time online, by calling 1-833-811-7436, or by mailing in a completed Opt-Out Form to the program. And you can always rejoin at any time by notifying your employer that you would like to start contributing to your account again.

I’m a seasonal employee, am I eligible?

Yes, if you work for an employer for more than 120 days, which is the window for employers to enroll new hires, you are eligible. If you work for fewer than 120 days, your employer cannot enroll you.

Could joining MyCTSavings impact my eligibility for college financial aid?

Withdrawals from IRAs can jeopardize financial aid for the year following the withdrawal. But, in general, qualified retirement accounts are not counted towards federal financial aid. To be safe though, we suggest you carefully review your own circumstances with a tax expert, financial advisor, or your financial aid office.

Could joining MyCTSavings impact my eligibility for federal programs like SNAP or TANF?

In general, qualified retirement accounts are not counted as assets against a person's eligibility. For more information, check with your benefits office.

Is there a minimum age to participate in the program?

Yes, the minimum age to enroll in MyCTSavings is 19.