Is there a minimum age to be eligible to participate in MyCTSavings?

Yes, your employees must be at least 19 years of age to be enrolled in the program.

Which businesses are eligible to participate in MyCTSavings?

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 — are required by law to join MyCTSavings if they don’t offer a retirement plan for their employees.* If your business offers a qualified retirement plan to your employees, it does not have to participate in MyCTSavings.

*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.

Are H-2A visa holders eligible for the program?

Yes, however, they can be enrolled and have an account created for them only if they work for more than 120 days and if enough verifiable information is available to create an account in their name. If the program is unable to verify their information, an account will not be established for them.

Are my employees who live in other states eligible for Connecticut’s program?

Yes, if the employees’ services are performed in Connecticut, they are eligible to participate in MyCTSavings.

If I have employees in multiple states, including Connecticut do I just facilitate the State's program for employees in Connecticut?

Yes, you would need to facilitate the program only for employees whose services are performed within Connecticut.

Are seasonal employees eligible?

Yes, if they work for you for at least 120 days, which is the window for you to enroll new hires. If they work for fewer than 120 days, you will not need to enroll them.

Are workers of only certain immigration statuses eligible for the program? What about undocumented workers?

Only workers with a verifiable Individual Tax Identification Number (ITIN) or Social Security number (SSN) can participate in the program. If a worker's information cannot be verified, the worker will not be enrolled, and an account will not be established for him or her.

Do family members who work for my business count as employees?

Family members count for purposes of determining whether you employ five or more individuals and are a “qualified employer” that must facilitate the program (unless you employ ONLY individuals whose services are excluded from coverage under the CT unemployment compensation law). However, where an individual employs that individual’s parent, spouse, or child who is under 18, those individuals are excluded from coverage as participants in the program.

If a business owner or shareholder is also an employee, are they eligible to participate?

Yes, they can participate if they are considered to be employees for tax purposes.

Do I need to facilitate the program if I only have a small number of employees?

Employers with at least five employees must facilitate the State's program if they don't offer a qualified, employer-sponsored retirement plan. Employees who work for a company with less than five employees can open their own account to start saving for retirement with MyCTSavings.

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