Can my company join the program before its required date?
You can join at any time. The required date though, is your deadline to comply.
Can the State use money from MyCTSavings to fund other programs?
No. Your payroll contributions are deposited directly in your name into your account with MyCTSavings. Neither the State nor anyone else can access your account, and your account is not tied to any other retirement plans the State offers.
Can the State use money from this program to fund other programs?
No. The money is yours, and only you can access your savings. Your assets are remitted directly to MyCTSavings on your behalf and are credited directly to your IRA account. The State cannot access your account for other purposes and your account is not tied to any other retirement plans offered by...
Can the State use money from this program to pay for other programs?
No. Employees’ contributions go directly to the MyCTSavings accounts in their names. The State can’t use the money for anything else, and there is no connection to other retirement plans offered by the State.
Have questions? Contact us. By phone: You can give our support team a call, Monday — Friday, 9 a.m. — 6 p.m. ET. Employer assistance: 1-833-811-7435 Saver assistance: 1-833-811-7436 By email: firstname.lastname@example.org By mail: Have a form you need to mail in? Send mail to our program...
Contribution State IRA Template
Payroll providers have an option to bulk upload employee payroll files or to enter the employee information manually. To ensure that you have all of the required employee information in advance, please use this template.
The standard contribution rate The default savings rate for a MyCTSavings account is 3% of your gross pay (the amount you earn before taxes), and that amount is deducted from your paycheck after taxes have been taken out. Change your rate anytime You can change your savings rate at any time to as...
Could I lose my money?
All investing involves some risk, including the risk of losing the money you invest. MyCTSavings lets you choose investments based on your age, the length of time to your retirement, and your risk tolerance. There are other factors to consider. If you don’t have sufficient retirement income you may...
Could joining MyCTSavings impact my eligibility for college financial aid?
Withdrawals from IRAs can jeopardize financial aid for the year following the withdrawal. But, in general, qualified retirement accounts are not counted towards federal financial aid. To be safe though, we suggest you carefully review your own circumstances with a tax expert, financial advisor, or...
Could joining MyCTSavings impact my eligibility for federal programs like SNAP or TANF?
In general, qualified retirement accounts are not counted as assets against a person's eligibility. For more information, check with your benefits office.