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Can cannabis-related businesses facilitate MyCTSavings?
Yes, cannabis-related businesses can facilitate MyCTSavings.
Can employers match employee contributions?
MyCTSavings does not allow employer contributions. An employer's role is limited to facilitating the program for employees.
Can I contribute a set dollar amount per paycheck instead of a percentage?
Sorry, at this time you can only contribute a percentage through payroll deductions. If you’d rather contribute a dollar amount on a recurring monthly schedule, you will have to add a bank account to your MyCTSavings account and contribute that way.
Can I have a designated employee or payroll services provider complete the registration and enrollment process?
Yep. You can elect to add “Admins” to your account to help facilitate the MyCTSavings program if you choose not to do it yourself. This could be an authorized employee or even staff from your payroll provider. Best of all, the program is designed to work seamlessly with many payroll provider...
Can I have a MyCTSavings account plus another retirement savings plan?
You can contribute to more than one savings plan or account at a time. But remember, the IRS contribution limits are cumulative for all Traditional and Roth IRAs owned by an individual.
Can I make withdrawals if I work during my retirement?
Yes, you can make withdrawals from your account at any time. Consider whether a withdrawal from MyCTSavings is really your best option. You may want to consult with a tax expert.
Can I roll over another plan’s money into my MyCTSavings account?
You can, but please consult with a tax expert or financial advisor before making any changes, to better understand any steps to take and restrictions that may apply. Rollovers from pre-tax retirement plans like 401(k)s and 403(b)s will be taxed to convert them from pre-tax to post-tax status for...
Can I take money from my MyCTSavings account?
You can take money out of your Roth IRA at any time. There is no fee or penalty for withdrawing the contributions you make. However, investment earnings are subject to taxation and an additional penalty if taken out before you reach age 59½. There are penalties if you withdraw funds before you’ve...
Can I transfer my MyCTSavings money into another retirement savings account?
Money in your Roth IRA can be transferred or rolled into another Roth IRA only. You should consult with a tax expert or financial advisor first.