MyCTSavings is a new state-sponsored retirement savings option for the more than 600,000 Connecticut private-sector workers who aren’t offered a plan through their employer. All Connecticut employers with five or more employees — each of whom has been paid more than $5,000 in the calendar year — are required by law to join MyCTSavings if they don’t offer a retirement plan for their employees.
Renee chats with State Comptroller Braswell, check out the interview here:
The program is designed to be easy and flexible for both the employer and employee. Employer registration is quick, and the program seamlessly integrates into any payroll process. A pilot program began in October, enrolling several employers to test processes and gain feedback. Participants have found it easy to enroll and maintain and are already seeing the benefits for their workers.