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• What about expense ratios and fees?

  Each investment option for MyCTSavings is a portfolio that consists of various mutual funds, each with its own underlying expenses, otherwise known as an expense ratio. The expense ratios and other information about the underlying portfolios can be found at the following links: Fidelity® Total...

• What about market volatility?

  Investing for your retirement means setting a long-term goal to grow your savings. Investments will fluctuate — there’s no way to time your investment activity only to benefit from positive gains. MyCTSavings offers investment options with various risk levels. Choose the one(s) that best fit your...

• What are the opt-out and opt-in rules for MyCTSavings?

  You can opt out at any time online, by calling 1-833-811-7436, or by mailing in a completed Opt-Out Form to the program. And you can always rejoin at any time by notifying your employer that you would like to start contributing to your account again.

• What benefits does the program offer and why was it created?

  An estimated 600,000 Connecticut employees do not have access to a qualified retirement savings plan at work. To address this urgent need, the Connecticut Legislature passed a law that created MyCTSavings to make it easier for more workers to save for their retirement. The program uses automatic...

• What benefits does the program offer and why was it implemented?

  An estimated 600,000 employees in Connecticut don’t have access to a qualified retirement savings plan at work. The Connecticut Legislature passed a law that created MyCTSavings to make it easier for more workers to save for their retirement. The program specifically aims to lower the barriers of...

• What do employees need to do after I enroll them?

  Your employees can choose to stay automatically enrolled in MyCTSavings or opt out; they have 30 days to decide after you add them to the program. If they stay enrolled, the payroll deductions that they elect and that you set up for them in your employer portal will start as soon as your next...

• What do employers need to facilitate the State's program?

  To enroll, we just need your EIN and the Access Code we provide to you via email or letter. After that, you’ll provide a list of your employees and your payroll information. And 30 days later, you’ll need to update your participating employees’ contribution rates within your payroll. From that...

• What do I need to set up my own account?

  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...

• What does automatic enrollment mean?

  As soon as you add your eligible employees, their payroll contributions will start, unless the employees have opted out.

• What does the administrative fee pay for?

  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...