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
- How do I join MyCTSavings?
-
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.
- 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.
- What do I need to set up my own account?
-
If you’re self-employed or don’t work for an employer registered with MyCTSavings, you can contribute directly to your own Roth IRA account. It’s easy and takes only a few minutes to get started:
Create an account. You’ll just need your Social Security number, date of birth, and residential address.
Customize your savings choices. Set up automatic contributions from your bank account to your MyCTSavings retirement account, or choose the initial minimum contribution and select your investment options. Learn more about contribution limits.