MyCTSavings – Employees Save at No Cost to Employers
The MyCTSavings retirement program allows your employees to save for retirement through payroll, at no cost to your business.
Many small business owners would like to offer retirement savings to their employees, but can’t always do so. MyCTSavings, a retirement program offered through the Office of the State Comptroller, is free to businesses. The program is easy to facilitate through payroll and can help your company hire and retain talented staff.
When employees have access to save for retirement through automated payroll contributions, participation rates soar. A 2021 study from the Employee Benefit Research Institute showed that 82% of employees with access to a retirement plan through their employers had $25,000 or more in savings and investments. Among employees without access to savings through payroll, only 28% had more than $25,000 saved.
When you enroll your business with MyCTSavings, your employees will have the option to start saving and build a more secure financial future. Businesses with 5+ employees that do not offer a retirement plan are required by law to enroll in MyCTSavings or offer another qualified retirement savings plan.
If your business has already received a notification from MyCTSavings, go to www.myctsavings.com to enroll, or for more information contact the Employer Assistance Line at 833-811-7435.
Individuals can enroll, too!
If you are self-employed or don’t work for an employer registered for MyCTSavings, you can self-enroll and contribute directly to your own Roth IRA: myctsavings.com/savers.