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Is my personal information reported to government agencies to determine immigration status?
No, reports are not made for the purpose of determining immigration status.
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Is MyCTSavings the same as an employer retirement plan?
Not at all. Connecticut employers are mandated by State law to facilitate this State-sponsored savings program for employees when the employer does not offer its own retirement plan.
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Is the contribution rate based on gross or net income?
Your contribution rate is based on your gross income (total income before taxes and other regular deductions are taken).
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Is there a fee for participating in MyCTSavings?
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...
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Is there a limit to how much I can contribute?
Yes, contribution limits for IRAs are set by the federal government. For 2024, you can save up to $7,000 per year if you’re younger than 50 and $8,000 per year if you’re 50 or older, as long as you have earned at least that much. If you are contributing to a Roth IRA, you also need to meet certain...
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Is there a maximum percentage of income that can be contributed?
There is no upper limit on the percentage of income that can be contributed; however, IRAs have annual contribution limits. Roth IRA contributions may be further limited by your income if it is above certain limits. Your contributions are made post-tax, and your employer can’t deduct more than the...
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Is there a minimum age to be eligible to participate in MyCTSavings?
Yes, your employees must be at least 19 years of age to be enrolled in the program.
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Is there a minimum age to participate in the program?
Yes, the minimum age to enroll in MyCTSavings is 19.
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Is there a minimum retirement age for MyCTSavings?
There is no minimum retirement age associated with the program. There is a federal tax penalty for withdrawing any investment earnings from a Roth IRA before age 59½, unless it’s for a qualifying reason. Please consult with a tax expert or financial advisor.
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Is there a penalty for late or omitted payroll deductions?
Failure to remit deductions in a timely manner violates Connecticut law, including wage and hour requirements. The State may impose penalties for these violations.