Get answers to frequently asked questions

No, this program is not meant to replace or compete with 401(k)s or other qualified retirement plans.

Yes, the call center will offer assistance in English and Spanish and will have access to translation services for other languages. Certain materials may also be available in Spanish.

We're always available to answer any questions or concerns you may have. Whether you want to call, email, or send us something by mail, you can get our contact information here.

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.

If your employer facilitates MyCTSavings, you’ll be notified of your opportunity to save with the program. You can do nothing and start saving automatically or set up your account and customize your savings elections. If you start saving automatically, your funds will be invested in the Cash Preservation Fund for the first sixty days. After that time, your funds will be exchanged automatically to a default Target Retirement Date Portfolio based on your date of birth. Participation in MyCTSavings is completely voluntary, you can change your savings rate, investment election, and opt out or back in at any time.

If your employer does not meet the registration requirements, you can also open and contribute to your own retirement account with MyCTSavings.

A Roth IRA is a specific type of retirement account that helps you reduce your taxes once you retire. While you’re working, you pay your usual income tax on the money you earn and deposit it into your Roth IRA. Your Roth IRA earns money (interest), and that money is constantly added to your contributions. When you retire and start taking money out of your Roth IRA (like you’re paying yourself), there are no taxes. In other words, all the interest that your account earns over the years is tax-free. And that’s a big deal. For even more details on Roth IRAs you can visit the Internal Revenue Service (IRS) website.

The retirement savings crisis is a serious problem in the United States. In fact, nearly 70% of Americans are concerned that they don’t have enough money for retirement.1 In Connecticut alone, about 600,000 private-sector workers don’t have access to a qualified retirement savings plan at work, and the State moved quickly to provide expanded access to easy retirement savings through the workplace.

Reference
1. “Mind Over Money.” Capital One, 27 Jan. 2020, www.capitalone.com/about/newsroom/2020-capitalone-mindovermoneystudytips.

While Congress has not passed legislation for a nationwide program, several states, including Connecticut, are establishing their own retirement savings programs to help workers now.

Not at all. Connecticut employers are mandated by State law to facilitate this State-sponsored savings program for employees when the employer does not offer its own retirement plan.

The information you want is detailed in our Program Description.