MyCTSavings Enrollment Deadline is Approaching

Employers that are newly eligible for the MyCTSavings program will receive enrollment notices beginning in mid-July. State law requires that employers with 5 or more full-time and part-time employees must either enroll in MyCTSavings or provide another qualified retirement option, such as a 401(k), 403(b) or a SEP.

Notices from MyCTSavings and Vestwell, our administrator will include an access code for program registration and employee enrollment. MyCTSavings is an auto-enrollment program, so employers must enroll all full-time or part-time employees aged 19 or older. The deadline to register is August 31. The program is free to employers, and MyCTSavings will contact employees about their options so they can begin saving for retirement through payroll contributions. Employees can opt-out of the program and re-enroll at any time. More than 60 payroll providers now integrate with MyCTSavings, making it even easier to offer the program. Visit myctsavings.com for program details, FAQs, how-to videos and webinars.

Employers that previously received enrollment notices and whose deadlines have passed are still required to register at myctsavings.com to avoid financial penalties in the future. If an employer that already offers a qualified retirement plan receives a notice, they can certify their exemption at myctsavings.com, to be taken off the list.