MyCTSavings Deadline Nears

Connecticut employers newly eligible for the MyCTSavings retirement savings program must register by Aug. 31.

Officials with the Office of the State Comptroller said enrollment notices were sent to eligible employers starting in mid-July.

Employers with five or more employees are required under state law to either enroll in MyCTSavings or offer another qualified retirement plan.

The state-run program is overseen by the Connecticut Retirement Security Authority and administered on behalf of the Office of the State Comptroller.

Employers that offer a qualified retirement plan, such as a 401(k), 403(b), SEP, SIMPLE IRA, or other qualifying plan, can certify their exemption through the MyCTSavings program rather than enroll.

Program Specifics

MyCTSavings was created to help private-sector employees who do not have access to an employer-sponsored retirement plan.

Qualified employer-sponsored plans do not include payroll deduction IRAs.

Employers are required to facilitate the program but are not permitted or required to contribute to employee accounts.

More than 60 payroll providers now integrate with the program, which is free for employers to administer.

Employers are required to facilitate the program but are not permitted or required to contribute to employee accounts.

The comptroller’s office said enrollment notices sent through program administrator Vestwell include a login access code that employers can use to register and enroll employees.

Once an employer enrolls, MyCTSavings contacts employees directly about their options.

Eligible employees are automatically enrolled and may choose to opt out or re-enroll at any time.

Employees who remain enrolled contribute through payroll deductions into an individual retirement account.

Penalties for Noncompliance

Employers that received enrollment notices previously and have not responded remain subject to the program’s requirements.

Businesses that do not offer a qualified retirement plan must register or face potential penalties under changes to state law that took effect July 1, 2025.

Under current law, employers receive three notifications of noncompliance before penalties are imposed.

Employers receive three notifications of noncompliance before penalties are imposed.

Fines are assessed when an employer remains noncompliant for at least 90 days after receiving a final notice.

Employers with five to 24 employees can face fines of up to $500, employers with 25 to 99 employees can face fines of up to $1,000, and employers with more than 100 employees can face fines of up to $1,500.

Penalties may be assessed for each year an employer remains noncompliant.

Employers can register, certify an exemption, and access program resources, including FAQs, webinars, and instructional videos, at MyCTSavings.