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How is the MyCTSavings program different from plans like a 401(k) or an IRA?
Many plans involve complex administration requirements, fiduciary liability, and high costs, all of which can keep employers like you from offering employees retirement savings plans. But MyCTSavings is different. It offers some of the best features of popular employer plans and IRAs, but without...
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How long does it take to complete enrollment online?
That depends on how many employees you have and whether you enter their information manually, use the batch upload feature, or use our payroll system integration for multiple employees. Once employees are entered into the system, just update your payroll processing to include employee...
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How long will it take to receive my money?
Please allow up to 3-5 business days. Distributions will generally be processed within 3 business days of your request. During periods of market volatility and at year-end, distribution requests may take up to 5 business days. For security purposes, there will be a hold of 15 calendar days when...
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How will I know when I have to register and enroll my employees?
All eligible Connecticut employers are required by law to facilitate MyCTSavings if they don't offer a retirement plan for their employees. Initial registration deadlines have passed for previously notified businesses, but you can still take action to avoid enforcement penalties in 2024. Each year,...
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How will I know when my MyCTSavings account is close to the annual IRA contribution limit?
MyCTSavings will monitor your account and notify your employer to stop contributions when you are nearing the limit. However, MyCTSavings will not have information on your contributions to another Roth IRA, or any other IRAs you may have. You should ensure that the total of all your retirement...
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I’m a seasonal employee, am I eligible?
Yes, if you work for an employer for more than 120 days, which is the window for employers to enroll new hires, you are eligible. If you work for fewer than 120 days, your employer cannot enroll you.
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I’m self-employed. Can I set up my own MyCTSavings account?
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...
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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.
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If I do not have earned income, can I still join MyCTSavings?
No, to qualify for any IRA under IRS regulations you need earned income.
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If I have another IRA, in addition to the State's program, does the contribution limit apply to each separately or to the combined amount?
The IRS's annual IRA contribution limits apply to the combined amount contributed to all of your IRAs, both Traditional and Roth.