• What if I don’t select investments for my account?

    Program participants who are enrolled using the default savings choices and who do not make any investment selections will have their funds invested automatically in a money market fund until 60 days have passed after an initial contribution has been made. Then, after 60 days, all funds will be...

  • What if there are only a few employees at my workplace?

    The company must facilitate the MyCTSavings program if it has at least five employees — each of whom has been paid more than $5,000 in the calendar year — and doesn’t offer a qualified, employer-sponsored retirement plan.

  • What is a qualified, employer-sponsored retirement plan?

    A qualified, employer-sponsored retirement plan includes a plan qualified under Internal Revenue Code sections 401(a) (including a 401(k) plan), qualified annuity plan under section 403(a), tax-sheltered annuity plan under section 403(b), Simplified Employee Pension plan under section 408(k), a...

  • What is a Roth IRA?

    A Roth IRA is a specific type of retirement account that helps you reduce your taxes once you retire. While you’re working, you pay your usual income tax on the money you earn and deposit it into your Roth IRA. Your Roth IRA earns money (interest), and that money is constantly added to your...

  • What is a Target Retirement Date Portfolio?

    A Target Retirement Date Portfolio is an age-based portfolio designed to help manage investment risk and is based on two factors: an investor’s current age and approximate estimated retirement date. This type of portfolio includes a mix of investments — stocks, bonds, and cash equivalents — that...

  • What is a Target Retirement Portfolio?

    A Target Retirement Portfolio is an age-based fund designed to help manage investment risk and is based on two factors: an investor’s current age and approximate estimated retirement date. This type of fund includes a mix of investments — stocks, bonds, and cash equivalents — that evolve over time...

  • What is considered to be a qualified, employer-sponsored retirement plan?

    An employer-sponsored retirement plan includes a plan qualified under Internal Revenue Code sections 401(a) (including a 401(k) plan), qualified annuity plan under section 403(a), tax-sheltered annuity plan under section 403(b), Simplified Employee Pension plan under section 408(k), a SIMPLE IRA...

  • What is the difference between registration and enrollment?

    You are required to register for MyCTSavings if you do not already offer a qualified retirement plan of your own. Once you have registered for the program, you must enroll your employees so they can review their options under the plan.

  • What is the standard contribution rate?

    The standard contribution is 3% of your gross income (which is the total amount you make in your paycheck before any taxes or deductions are taken out). You can choose to save more, or less, in 1% increments.

  • What steps are taken to keep my account safe from cyber threats?

    MyCTSavings has processes in place to protect the security of accounts and protect your personal information. Our program administrator and their affiliates have dedicated security and compliance teams to implement encryption, strict internal protocols and training, and annual independent security...