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.

What benefits does the program offer and why was it implemented?

An estimated 600,000 employees in Connecticut don’t have access to a qualified retirement savings plan at work. The Connecticut Legislature passed a law that created MyCTSavings to make it easier for more workers to save for their retirement. The program specifically aims to lower the barriers of participating by using automatic enrollment and allows employees to save easily through payroll contributions to a Roth IRA.

Does the program provide information and consumer protections to participants?

Yes, MyCTSavings helps ensure that employees have more choices, more information, and easier access to retirement savings accounts. Consumer protections are included in the program and may be enforced by appropriate State agencies.

Can the State use money from this program to fund other programs?

No. The money is yours, and only you can access your savings. Your assets are remitted directly to MyCTSavings on your behalf and are credited directly to your IRA account. The State cannot access your account for other purposes and your account is not tied to any other retirement plans offered by the State.

What was the legislation that created the MyCTSavings program?

In 2016, the Connecticut Legislature enacted Public Act 16-29, which created the Connecticut Retirement Security Authority – now called the Connecticut Retirement Security Program (CRSP) and housed in the Office of the State Comptroller – which is responsible for creating MyCTSavings.

Do other states have programs like MyCTSavings?

Yes, similar programs are up and running in other states, a few of which include Colorado, Virginia, Maryland, and Oregon. Since these programs first launched in 2017, they have helped almost 700,000 hard working individuals save nearly $1 billion — and this number continues to grow each day.* States are taking notice and many are about to launch state-sponsored retirement savings programs or are in the process of passing legislation to support them.

*Accounts and savings as of June 2023.

Do employers have to facilitate MyCTSavings?

Yes, all qualified employers with five or more employees in Connecticut — at least five of whom have been paid more than $5,000 in the calendar year must facilitate the State’s program, unless the business offers an employer-sponsored qualified retirement plan.* 

*A qualified employer is any employer, whether for profit or not for profit, that had five or more employees in Connecticut on October 1, 2021, at least five of whom were paid $5000 or more in taxable wages in 2021. Qualified employers do not include those who were not in existence at all times during the current and preceding calendar years, and they do not include any employer employing only individuals whose services are excluded under the unemployment compensation law.

How is MyCTSavings different from plans like a 401(k) or an IRA?

The program is designed to pull together some of the best features of popular employer plans and IRAs. We’re helping to lower barriers like complex administration and high costs that may keep employers from offering a successful retirement savings plan to their employees. With MyCTSavings, employers just have to facilitate the program – there is no cost to them.

What is a qualified, employer-sponsored retirement plan?

A qualified, employer-sponsored retirement plan includes a plan qualified under Internal Revenue Code sections 401(a) (including a 401(k) plan), qualified annuity plan under section 403(a), tax-sheltered annuity plan under section 403(b), Simplified Employee Pension plan under section 408(k), a SIMPLE IRA plan under section 408(p), or governmental deferred compensation plan under section 457(b). It does not include payroll deduction IRAs.

Where can I change my password or set up multi-factor authentication?

Once you log in, select “Security Center” from the dropdown menu next to your profile icon in the upper right corner of the screen. You can also go to your profile and select the “Open Security Center” button next to Login settings. From here, you can make any changes to your account that have to do with your login credentials.