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Which company is administering the program?
The Connecticut Retirement Security Authority has selected Vestwell State Savings, LLC, dba Sumday Administration, as the program’s new administrator. Sumday, a Vestwell Holdings, Inc. company, is an experienced retirement and college savings services provider and will act as the IRA trustee,...
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Who can I contact if have an issue related to the program or have more questions?
You can find many answers to program details here, or you can call our helpful and knowledgeable account representatives at 1-833-811-7435, Monday – Friday, 11 a.m. – 6 p.m. ET.
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Who is responsible for choosing the available investment options?
The Connecticut Retirement Security Authority, whose mission is to “promote and enhance retirement savings for private sector employees in the State,” is responsible for making decisions about the investment options available in the program.
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Who is responsible for choosing the investment options for participants?
The Connecticut Retirement Security Authority is responsible for making decisions about the investment options available to participants of the program.
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Why does a program like this exist?
The retirement savings crisis is a serious problem in the United States. In fact, nearly 70% of Americans are concerned that they don’t have enough money for retirement.1 In Connecticut alone, about 600,000 private-sector workers don’t have access to a qualified retirement savings plan at work, and...
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Why don’t MyCTSavings contributions show up on my W2?
MyCTSavings acts as a payroll deduction IRA, not a retirement plan as defined for the W2, so you won’t see your contributions reflected on your W2. Your IRA trustee will file Form 5498 IRA Contributions Information with the IRS, and you will receive a copy no later than May 31. You do not need to...
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Why isn’t there a national program like this?
While Congress has not passed legislation for a nationwide program, several states, including Connecticut, are establishing their own retirement savings programs to help workers now.
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Will Connecticut state income tax be withheld from my Roth IRA withdrawals?
If you are a resident in the state, Connecticut income tax withholding applies only to the taxable portion of IRA distributions. Therefore, if your withdrawal is a qualified distribution there will be no income tax withheld. If your withdrawal is not a qualified distribution, then a minimum of...
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Will my money be pooled with money from other city, state, or federal programs?
It will not. Your money is yours and does not belong to anyone else. During the time you participate in the MyCTSavings program, your money will be pooled with other MyCTSavings participants and invested only in the Investment Options for this program. You have complete control of your account,...
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Will services be available in other languages?
Yes, the call center will offer assistance in English and Spanish and will have access to translation services for other languages. Certain materials may also be available in Spanish.