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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, a few of which include Colorado, Virginia, Maryland, and Oregon. Since these programs first launched in 2017, they have helped almost 700,000 hard working individuals save nearly $1 billion — and this number continues to grow each day.*...
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Do other states have programs like this?
Yes, similar programs are up and running in other states, a few of which include Colorado, Virginia, Maryland, and Oregon. Since these programs first launched in 2017, they have helped almost 700,000 hard working individuals save nearly $1 billion — and this number continues to grow each day.*...
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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.