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Do employers have to facilitate this State program?
Yes. Any employer, whether for profit or not for profit, must facilitate the State’s program if: It employed five or more employees in Connecticut on October 1st of the previous calendar year, and; It paid at least five employees $5000 or more in taxable wages in the previous calendar year,...
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Do family members who work for my business count as employees?
Family members count for purposes of determining whether you employ five or more individuals and are a “qualified employer” that must facilitate the program (unless you employ ONLY individuals whose services are excluded from coverage under the CT unemployment compensation law). However, where an...
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Do I have to work for a certain amount of time in order to participate?
The enrollment process takes 60 days. If you work for an employer for fewer than 120 days, you won’t be enrolled. But there is no mandatory waiting period.
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Do I need to facilitate the program if I only have a small number of employees?
Employers with at least five employees must facilitate the State's program if they don't offer a qualified, employer-sponsored retirement plan.
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Do I need to offer the program to work-study students?
Nope. You do not need to facilitate the program for full-time students in work-study programs.
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Do I need to report contributions on my employees’ W2s?
No. The MyCTSavings program is structured as a payroll deduction IRA and not as a traditional retirement plan that needs to be reported on your employees’ W2s. The IRA trustee for the MyCTSavings program will file “Form 5498, IRA Contributions Information” with the IRS (as needed for your...
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Do other states have programs like MyCTSavings?
Yes, similar programs are up and running in other states, including California, Oregon, and Illinois. And many other states are about to launch state-sponsored retirement savings programs or are in the process of passing legislation to support them, including Colorado and New Mexico, among others.
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Do other states have programs like this?
Yes, similar programs are up and running in other states, including California, Oregon, and Illinois. And many other states are about to launch state-sponsored retirement savings programs or are in the process of passing legislation to support them, including Colorado and New Mexico, among others.
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Do payroll deduction IRAs count as a qualified, employer-sponsored retirement plan?
No. Payroll deduction IRAs are not qualified retirement plans as defined by either federal or Connecticut state statutes.
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Does MyCTSavings have an investment consultant?
The program has a private investment consultant that provides input, monitoring, and feedback about investments to the Authority.