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MyCTSavings: Everything You Need to Know

MyCTSavings: Everything You Need to Know

Last Updated: February 23, 2023

The retirement savings crisis in America is no secret: According to PwC's Retirement in America, one in four Americans has yet to save a single dollar for their retirement years. Moreover, approximately 30 million retirees are projected to live in poverty or close to it by 2035.

Connecticut is no exception. According to the MyCTSavings website, more than 600,000 private-sector employees have no employer-sponsored retirement savings plan in Connecticut.

Fortunately, Connecticut has a solution: The MyCTSavings Retirement Program (MyCTSavings), a retirement program that benefits workers in Connecticut.

In this article, we'll explain everything you need to know about MyCTSavings, including how it works, who can use it, and what it means for you.

What Is MyCTSavings?

The Connecticut Retirement Savings Program, also known as MyCTSavings, is a voluntary retirement savings program for employees and other individuals working in Connecticut. Contributions are made through payroll deductions, and the money grows tax-free until it's withdrawn.

MyCTSavings is overseen by the Connecticut Office of the State Comptroller and administered by private-sector partners. For 2024, the combined annual contribution limit for Roth and traditional IRAs is $7,000 for those under age 50 and $8,000 for those age 50 or older.

How Does MyCTSavings Work?

MyCTSavings is an automatic enrollment program that uses a Roth IRA, meaning contributions are made with after-tax dollars. The money in the account grows tax-free, and employees won't have to pay income tax on any money they withdraw from their account during retirement, defined by the IRS as after age 59½.

Once an eligible employee is hired, employers report the employee to the MyCTSavings portal, and the employee has 30 days to opt out before being automatically enrolled at the default contribution level of 3%.

Which Businesses Are Affected?

Businesses that have five or more employees paid more than $5,000 in the calendar year are required to register for the program or certify an exemption. If the company already offers a qualified, employer-sponsored retirement plan, the company does not need to register with the program.

Employers are required to automatically enroll their workers in the program if they did not opt out, and to remit employee contributions to their workers’ accounts each time they run payroll. Employers don’t match or make their own contributions and are not considered plan sponsors.

Registration Deadline

MyCTSavings launched its pilot program in August 2021. The registration deadlines for all businesses with 5+ employees have passed. The deadlines were:

  • Employers with 100 or more employees | June 30, 2022
  • Employers with 26 to 99 employees | October 31, 2022
  • Employers with 5 to 25 employees | March 30, 2023


Non-compliance may result in an investigation and penalties. Employers who already provide a qualified retirement plan to their employees may certify their exemption here.

Who Is Eligible to Enroll With MyCTSavings?

The MyCTSavings retirement program is open to all Connecticut employees who are at least 19 years old and have been employed for at least 120 days. Seasonal employees are also eligible for enrollment as long as they work for an employer for more than 120 days. Self-enrollment into the program is not available at this time.


The MyCTSavings program represents a notable development in retirement planning for Connecticut workers. With automatic enrollment and contributions made directly through payroll deductions, it simplifies the process of setting aside funds for retirement.

The program requires businesses with five or more employees paid more than $5,000 in the calendar year to either offer a plan or certify an exemption, so it’s important for Connecticut employers to familiarize themselves with the program details and requirements.

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