MyCTSavings can help you save for your future.

MyCTSavings can help you save for your future

MyCTSavings can help you save for retirement through automatic payroll contributions to your own Roth Individual Retirement Account (IRA). Setting up an account is easy, and you can decide how much to save.

There are two ways to participate


Sign up through your employer

If your employer participates in MyCTSavings, you’ll be enrolled automatically. Once you’re enrolled, you can choose to:

  • Do nothing. We’ll set you up with the standard savings and investment options 30 days after you’re enrolled.

  • Customize your savings choices. You have the power to change your contribution levels, investment options, and beneficiaries. Sign in to your account.

  • Opt out. Participation in MyCTSavings is completely voluntary. You can opt out or back in at any time.

Once enrolled, you’ll start saving a percentage of your paycheck automatically in your own Roth IRA.


Save on your own

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 account, or choose the initial minimum contribution and select your investment options. Learn more about contribution limits.

Sign up now

Program eligibility

You’re eligible for an account if:

  • You are at least 19 years old

  • You perform services for work within Connecticut

  • You have been employed for at least 120 days

What is a Roth IRA?

A Roth IRA is an Individual Retirement Account that helps you reduce your taxes once you retire. While you’re working, you pay your usual income tax on the money you earn and deposit it into your Roth IRA. Your Roth IRA earns money (interest and/or dividends), and that money is constantly added to your contributions. When you retire and start taking money out of your Roth IRA (like you’re paying yourself), there are no taxes. In other words, all the interest that your account earns over the years is tax-free. And that’s a big deal. For even more details on Roth IRAs you can visit the Internal Revenue Service (IRS) website.

Learn more

Deciding what to save

Deciding how much to save is up to you. You’ll have the flexibility to choose the savings rate and investment options that feel most comfortable to you. Need help? You can find a number of resources and tools designed to help you determine what investments are right for you.

See resources

Retirement savings calculator

You can also use our retirement savings calculator to experiment with different savings rates and see what fits your budget.

Go to the retirement calculator

What to expect when you’re enrolled

After your employer enrolls you, you’ll start saving automatically after the 30-day opt out period with the default savings and investment elections:

  • 3% of your gross income (wages before taxes and other deductions) earned with your facilitating employer will be contributed to your account.

  • When you enroll, your funds will be invested temporarily in a money market fund until 60 days have passed after your initial contribution, or until you choose to invest in another fund. Money market funds offer very low levels of risk and help protect funds from fluctuations in value. After 60 days, if you have not changed your investment strategy, your funds will be exchanged automatically to a default Target Retirement Date Portfolio based on your date of birth.

How to customize your account

Once you have set up your account by verifying your contact information and by acknowledging receipt of the account documents, you’ll have the power to:

  • Change your contribution rate

  • Change your investment choices

  • Designate beneficiaries (who will inherit your IRA in the event of your passing)

  • Manage your personal information

  • Make withdrawals

Can I opt out?

You can opt out of participating in MyCTSavings at any time online, by phone, or mailing in this form. If you opt out before the end of the 30-day notification period, no payroll deductions will be made on your behalf and your account will not be activated. If you opt out after 30 days, your employer will be notified to stop your payroll deductions, and any deductions that may have been made can be withdrawn. You can always rejoin the program and begin contributing to your account at any time by accessing your account online or by contacting our Client Service Team.

Opt out

What does the program cost me?

MyCTSavings has an annual asset-based fee of approximately 0.26%, which includes the investment management fee of the underlying funds. This means you will pay approximately $0.26 for every $100 in your account. 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.

Still have questions? We’ve got answers in our FAQs.

Read the FAQs