• 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...

  • What happens if I opt out?

    You can opt out at any time. If you opt out within the 30-day period after the program notifies you about being enrolled, no payroll deductions will be made from your paycheck, and your account will not be activated. If you choose to stop participating after contributions have begun, payroll...

  • What happens to my account if I change employers?

    Your MyCTSavings IRA belongs to you. Your money remains in your retirement savings account under your control. If your new employer facilitates the program, MyCTSavings will notify you and payroll contributions will begin at your new job. You can also opt out at any time. If your new employer...

  • What happens to my account if I move out of state?

    Your MyCTSavings IRA belongs to you. If you continue to work for an employer that facilitates MyCTSavings, you can continue to participate and continue payroll contributions. If a new employer doesn’t facilitate the program, you can make contributions directly from your bank account. You can also...

  • What happens to my money if I die with no named beneficiaries?

    If you die and have no named beneficiaries, the account will be payable to your estate under the terms of the IRA. Accounts that become unclaimed property will be subject to applicable law.

  • What if a business doesn’t register for the program as required by law?

    Any business with five or more employees in Connecticut will be required to facilitate the MyCTSavings program, unless it offers a qualified, employer-sponsored retirement plan. The program will be monitoring businesses for compliance and will try to assist businesses in getting enrolled if needed....

  • What if an employee already has a MyCTSavings account through another employer?

    No worries. Just provide basic information about the employee, and MyCTSavings will use the information to direct new contributions to the employee’s existing account.

  • What if an employee asks me for advice about the program or its investment options?

    You should not provide any advice about the program or investments. Your responsibility is to facilitate the program only. Instead, advise the employee to visit MyCTSavings.com or call 1-833-811-7436. You could also suggest that the employee speak to a financial or tax advisor.

  • What if I already offer a qualified retirement account?

    plan are exempt from facilitating the program but must certify their exemption online. Simply enter the secure online portal and provide your EIN and the Access Code sent to you. Then, in the space provided, certify that you offer a plan.