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The MyCTSavings Program: Everything You Need to Know

The MyCTSavings Program: Everything You Need to Know

Last Updated: April 12, 2024

The Constitution State is drafting a future of financial security for Connecticut residents.

More than 600,000 private-sector employees in Connecticut are without an employer-sponsored retirement savings plan. Fortunately, Connecticut has a solution. The MyCTSavings Program is a retirement program designed to help Connecticut employees save for retirement.

In this article, we’ll answer some questions you may have about the MyCTSavings program and explain how it affects Connecticut businesses.

How Does MyCTSavings Work?

MyCTSavings is a government-sponsored savings program created to help employees working in Connecticut build savings for retirement. Connecticut business owners who meet certain criteria are required by law to offer a qualified, employer-sponsored retirement plan or enroll their employees in the program.

Connecticut employees can make contributions to the program through automatic deductions from their paycheck into a Roth individual savings account (Roth IRA) unless they choose to opt out. 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.

MyCTSavings is overseen by the Connecticut Office of the State Comptroller and administered by private-sector partners. The program launched in August 2021.

Which Businesses Are Affected?

According to the MyCTSavings website, employers who meet the following criteria are required to register for the program or certify an exemption:

  • Employed five or more employees who were paid more than $5,000 in the calendar year
  • Does not currently offer a qualified, employer-sponsored retirement plan to their employees

Registration Deadline

Program deadlines for businesses are based on company size, and they have all passed. The breakdown is as follows:

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

Eligible employers will be notified when it's time to register or certify their exemption.


Non-compliance may result in an investigation and penalties.

Who Is Eligible to Save With the MyCTSavings Program?

Any individual who is 19 years or older and has been employed in Connecticut for at least 120 days is eligible to participate in MyCTSavings. Seasonal and part-time employees are eligible for enrollment as long as they work for an employer for more than 120 days.

The program is voluntary for employees, and they can change their contribution amount or opt-out at any time.


The MyCTSavings program represents a notable development in retirement planning for Connecticut workers. Automatic enrollment and contributions made directly through payroll deductions simplify 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.

Looking for information on the requirements for other states? Check out our resource page here.

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