- 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
- Are there any fees for employers to participate?
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There are no employer fees. Employers are not required nor permitted to make employer contributions to the program.
- What if a business doesn’t register for the program as required by law?
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Any business with five or more employees in Connecticut will be required to facilitate the MyCTSavings program, unless it offers a qualified, employer-sponsored retirement plan. The program will be monitoring businesses for compliance and will try to assist businesses in getting enrolled if needed. That said, if a business falls out of compliance and fails to register, an investigation could occur and there may be penalties.
- Is there a penalty for late or omitted payroll deductions?
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Failure to remit deductions in a timely manner violates Connecticut law, including wage and hour requirements. The State may impose penalties for these violations.
- Is there a fee for participating in MyCTSavings?
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There is an annual asset-based fee paid as a percentage of the money in your account. The fee for each investment option you choose is approximately 0.26% of its value per year ($0.26 for every $100 saved), which includes the investment management fee for underlying funds. There is also a $26 annual account fee (that is charged quarterly at $6.50 each quarter). These fees pay for the administration of the program, and the operating expenses charged by the underlying investment funds in which the program’s portfolios are invested. The asset-based fee is computed daily, and your investment returns are credited to your account minus the fee.
- What does the administrative fee pay for?
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It covers all administrative costs associated with the program, such as the cost of maintaining your account, oversight of the program’s investments, providing customer service, keeping records, online and phone services, and the operating expenses of the underlying investment funds in which the investment options are invested.
- What if my payroll company won't help me administer MyCTSavings?
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You can still offer MyCTSavings to your employees on your own with no complex administration — easily making it a part of your own payroll process. Watch this video to see how facilitating the program involves minimal steps and allows you to focus on your business.
- What if my payroll provider is stating they will charge a fee for remitting contributions with MyCTSavings?
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Whether you use a payroll provider or not, MyCTSavings does not charge a fee to remit contributions. If your payroll provider will charge you a fee for helping you facilitate the program, you can easily administer it on your own. Watch this video to see how facilitating the program involves minimal steps and allows you to focus on your business.