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  • What if my payroll provider is stating they will charge a fee for remitting contributions with MyCTSavings?

    Whether you use a payroll provider or not, MyCTSavings does not charge a fee to remit contributions. If your payroll provider will charge you a fee for helping you facilitate the program, you can easily administer it on your own. Watch this video to see how facilitating the program involves minimal...

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

    Any company with five or more employees must facilitate the MyCTSavings program. If your employer is too small to meet the registration requirements, you can also open and contribute to your own retirement account with MyCTSavings.

  • 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 Form IRS Form 5498?

    If you make a contribution to your IRA, IRS Form 5498 is a tax form that you will receive. This form details all of the contributions you made throughout the tax year to your account. The 5498 tax form reports Roth and traditional IRA contributions. To ensure that you properly handle matters on...

  • What is the IRS Form 1099-R form?

    If you make a withdrawal from your IRA, you will receive IRS Form 1099-R, which is a tax form that details all of the withdrawals you made throughout the tax year from your account. If you take money out of your retirement account for any reason, you’ll get Form 1099-R. A 1099-R form is called the...

  • 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.