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Do family members who work for my business count as employees?
Yes, they can participate if they are considered to be employees for tax purposes.
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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 New Jersey, Colorado, and Maryland,...
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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 New Jersey, Maryland, and Colorado,...
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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.
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Does MyCTSavings protect the security of funds deposited into my account?
Yes, MyCTSavings has processes in place to protect the security of contributions to your account.