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.
- Account Access
- Contributions
- Eligibility
- Employer Registration
- Fees and Costs
- General
- Investments
- Linking Bank Accounts
- Saver's Credit
- Security
- Self-enrollment
- Tax Forms
- Withdrawals
- Is there a fee for participating in MyCTSavings?
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There is an annual asset-based fee paid as a percentage of the money in your account. The fee for each investment option you choose is approximately 0.26% of its value per year ($0.26 for every $100 saved), which includes the investment management fee for underlying funds. There is also a $26 annual account fee (that is charged quarterly at $6.50 each quarter). These fees pay for the administration of the program, and the operating expenses charged by the underlying investment funds in which the program’s portfolios are invested. The asset-based fee is computed daily, and your investment returns are credited to your account minus the fee.
- What does the administrative fee pay for?
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It covers all administrative costs associated with the program, such as the cost of maintaining your account, oversight of the program’s investments, providing customer service, keeping records, online and phone services, and the operating expenses of the underlying investment funds in which the investment options are invested.