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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.
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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. Our program administrator and their affiliates have dedicated security and compliance teams to implement encryption, strict internal protocols and training, and annual independent security audits. And...
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Does MyCTSavings secure funds remitted to the employee accounts?
MyCTSavings has processes in place to protect the security of employee contributions to their accounts. Our program administrator and their affiliates have dedicated security and compliance teams to implement encryption, strict internal protocols and training, and annual independent security...
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Does the program have an investment consultant?
Yes. The program has a private investment consultant that provides input, monitoring, and feedback about investments to the Connecticut Retirement Security Program.
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Does the program provide information and consumer protections to participants?
Yes, MyCTSavings helps ensure that employees have more choices, more information, and easier access to retirement savings accounts. Consumer protections are included in the program and may be enforced by appropriate State agencies.
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Does the State have printed or electronic materials to help my employees understand the benefits?
Yes. There are educational materials you can send to employees electronically or print and share with them.
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Does this program replace 401(k)s?
No, this program is not meant to replace or compete with 401(k)s or other qualified retirement plans.
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Empleadores
MyCTSavings puede ayudar a su negocio y a sus empleados a progresar MyCTSavings es el nuevo programa de ahorros jubilatorios patrocinado por el estado de Connecticut. Le ofrece a negocios como el suyo una forma conveniente de ayudar a los empleados a ahorrar para el futuro y también lo beneficia a...
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