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  • Discover the Many Benefits of MyCTSavings from Small Businesses Across Connecticut!

    Small businesses and employees across Connecticut are already raving about the many benefits of the recently launched MyCTSavings retirement savings program. We caught up with a few employers and savers and heard firsthand what their experience was like participating in the program. “Having this...

  • Do employees need to fill out paperwork to enroll or make changes?

    Employees are enrolled automatically and do not need to fill out any paperwork. Once enrolled, employees can manage most account functions online. But, if needed, there are offline forms available for certain account changes; these forms can be downloaded, filled out, and sent in. Our customer...

  • Do employers have to facilitate MyCTSavings?

    Yes, all qualified employers with five or more employees in Connecticut — at least five of whom have been paid more than $5,000 in the calendar year must facilitate the State’s program, unless the business offers an employer-sponsored qualified retirement plan.*  *A qualified employer is any...

  • 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,...

  • 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...

  • 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.

  • 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.

  • 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.

  • 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...

  • 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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MyCTSavings is overseen by the Connecticut Office of the State Comptroller (“Comptroller”). Vestwell State Savings, LLC, dba Sumday Administration (“Sumday”), is the program administrator. Sumday and its affiliates are responsible for day-to-day program operations. Participants’ who use MyCTSavings beneficially own and have control over their Roth Individual Retirement Accounts (“IRA”), as provided in the program offering set out at myctsavings.com.

MyCTSavings’ Portfolios offer investment options selected by the Comptroller. For more information on MyCTSavings’ Portfolios, go to MyCTSavings.com. Account balances in MyCTSavings will vary with market conditions and are not guaranteed or insured by the Comptroller, the State of Connecticut, the Federal Deposit Insurance Corporation (“FDIC”) or any other organization.

MyCTSavings is a completely voluntary retirement program. Saving through a Roth IRA will not be appropriate for all individuals. Employer facilitation of MyCTSavings should not be considered an endorsement or recommendation by your employer of MyCTSavings, Roth IRAs, or these investments. Roth IRAs are not exclusive to MyCTSavings and can be obtained outside of the program and contributed to outside of payroll deduction. Contributing to a MyCTSavings Roth IRA through payroll deduction offers some tax benefits and consequences. You should consult appropriate professional advice or consultation if you have questions related to taxes or investments.

The MyCTSavings name and the MyCTSavings logo are trademarks of the Comptroller and may not be used without permission.

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