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Hello Richard,
MyCTSavings is a new retirement program sponsored by the state of Connecticut’s Retirement Security Authority. Qualified employers are required by law to join MyCTSavings. The idea is to give all employees a chance to contribute their own money towards their retirement. Unfortunately, it results in more administrative duties for CT small businesses.
MyCTSavings is automatically sending out official registration communications with unique access codes and instructions throughout 2022 and early 2023. When you receive your communication – or if you already have - you will need to go to the online portal at https://myctsavings.com/ and register your business with your EIN and access code. The deadline to register is March 30, 2023.
Please read our blog post and learn:
- Who are qualified employers?
- Which employers are exempt?
- What if my company doesn’t offer a company-sponsored plan?
- Is it mandatory for employees to participate in MyCTSavings?
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