Savers
Program details
Give your money the potential to grow
There are two ways to participate
1. Save through your employer
If your employer participates in MyCTSavings, you’ll be enrolled automatically.
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 account
You can choose to customize your savings choices and add beneficiaries.
Opt out
Participation in MyCTSavings is completely voluntary. You can opt out and back in at any time.
Once enrolled, you’ll start saving a percentage of your paycheck automatically in your own Roth IRA.
2. 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.
Program eligibility
You’re eligible for an account if:
You are at least 19 years old
You have been employed for at least 120 days
You perform services for work within Connecticut
What is a Roth IRA?
A Roth Individual Retirement Account (IRA) is a specific type of retirement account that you fund with your after-tax earnings, a percentage of which are deposited into your Roth IRA. Your Roth IRA earns money (interest), and those earnings are automatically 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 more details on Roth IRAs you can visit the Internal Revenue Service (IRS) website.
How much should I save?
You’re in control of how much you save and can choose the level that is most comfortable for you. We offer resources and tools for those who may need a little extra support.
Retirement savings calculator
You can also use our retirement savings calculator to experiment with different savings rates and see what fits your budget.
What happens after I'm enrolled?
After the 30-day opt out period, you’ll automatically start saving with the default contribution rate and investment elections:
3% of your total pay (wages before taxes and deductions) will be invested to start.
When you enroll, your funds will be automatically invested in a money market fund (Capital Preservation Option) to start. 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 to a default Target Retirement Date Portfolio based on your expected year of retirement at age 65.
Can I make changes to my account?
Once you set up your account, you are in control. You can:
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.
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.