MyCTSavings: What CT Employers Need to Know

The State of Connecticut has instituted a mandatory retirement savings program called MyCTSavings. MyCTSavings is not designed to replace or compete with 401(k) plans and doesn’t allow for pre-tax or employer contributions. The MyCTSavings program also carries fees. As with any type of employee benefit, there are a lot of options as an Employer when it comes to implementing retirement plans for your employees.

As an Employer, what should you do?

  • Talk to a firm that specializes in designing and implementing retirement plans for businesses
  • Gain an understanding of all of the retirement planning options available to you as an employer
  • Consider implementing a qualified retirement plan to offer your employees more options when it comes to saving for their financial future

Are there fees for the MyCTSavings plan?

  • There is an annual asset-based fee paid as a percentage based on the amount of money in your account.
  • Each Account is assessed a quarterly Account Fee of $6.50 ($26 per year or ~$2.17 per month), provided that no such Account Fee is assessed if you opt out and withdraw all contributions from the Account within 90 days of the date of initial funding of the Account.
  • Each Investment Option is subject to the Program Administration Fee, which is in the amount of 0.22% per annum of the Investment Option’s daily net assets.

Important Dates: When is the registration deadline?

  Wave 1 Wave 2 Wave 3
# of Employees 100+ 26 to 99 5 to 25
Registration Opens 4/1/2022 4/1/2022 4/1/2022
Registration Closes 6/30/2022 10/31/2022 3/30/2023

Wave 1
100+ Employees
Registration Opens: 4/1/2022
Registration Closes: 6/30/2022

Wave 2
26 to 99 Employees
Registration Opens: 4/1/2022
Registration Closes: 10/31/2022

Wave 3
5 to 25 Employees
Registration Opens: 4/1/2022
Registration Closes: 3/30/2023

Questions? We can help. Contact us today to discuss your options as an employer.

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