- Account Access
- Contributions
- Eligibility
- Employer Registration
- Enrollment Process
- Fees and Costs
- General
- Investments
- Investments and Contributions
- Linking Bank Accounts
- Saver's Credit
- Security
- Self-enrollment
- Tax Forms
- Timing
- Withdrawals
- Do I need to offer the program to work-study students?
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Nope. You do not need to facilitate the program for full-time students in work-study programs.
- Do payroll deduction IRAs count as a qualified, employer-sponsored retirement plan?
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No. Payroll deduction IRAs are not qualified retirement plans as defined by either federal or Connecticut state statutes.
- If I offer my employer-sponsored retirement plan only to some employees but not all, do I have to offer the State's program as well?
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No, if you offer an employer-sponsored retirement plan to any of your employees, you will file a certificate of exemption and you will not need to facilitate the State's program.
- Do I have to work for a certain amount of time in order to participate?
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The enrollment process takes 60 days. If you work for an employer for fewer than 120 days, you won’t be enrolled. But there is no mandatory waiting period.
- What if there are only a few employees at my workplace?
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Any company with five or more employees must facilitate the MyCTSavings program. If your employer is too small to meet the registration requirements, you can also open and contribute to your own retirement account with MyCTSavings.
- If I do not have earned income, can I still join MyCTSavings?
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No, to qualify for any IRA under IRS regulations you need earned income.
- Are there income limits to participate in MyCTSavings?
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Yes, you must determine if you meet federal income limits. If you don’t, you can’t contribute to Roth IRA accounts. Simply put, if you make over a certain amount of income in a given year, you may not be eligible. This income limit is determined by the IRS and is based on something called your Modified Adjusted Gross Income (MAGI). This figure is determined by certain deductions that are removed and, in some cases, added back into your gross income. You can use this worksheet from the IRS to help you calculate your MAGI. Your MAGI will determine how much you are able to contribute to your Roth IRA account. Traditional IRAs do not have an income limit.
- I’m self-employed. Can I set up my own MyCTSavings account?
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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 are the opt-out and opt-in rules for MyCTSavings?
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You can opt out at any time online, by calling 1-833-811-7436, or by mailing in a completed Opt-Out Form to the program. And you can always rejoin at any time by notifying your employer that you would like to start contributing to your account again.