Connecticut employers with five to 25 employees will now have until August 31, 2023 to register with the MyCTSavings program, if they don't offer a retirement plan. MyCTSavings is a state-run, payroll withholding savings program using Roth Individual Retirement Accounts (IRAs).
The Details
Connecticut employers with five or more employees in the state — at least five of whom have been paid more than $5,000 in the calendar year — are required to register with and facilitate the MyCTSavings program, if they don't offer a retirement plan. These employers must also provide employees with information on the state program, enroll employees in the program, and deduct and remit employee contributions.
Initially, the deadline for employers with five to 25 employees to register with MyCTSavings was March 30, 2023. However, the state has extended the registration deadline for these employers to August 31, 2023. The deadline for larger employers has already passed.
Next Steps
- Employers with five to 25 employees in the state and don’t offer a retirement plan, should register with the MyCTSavings program by August 31, 2023 and comply with the other program requirements.
- Employers with more than 25 employees and don’t already offer a retirement plan should also ensure they are registered and comply with the other program requirements.
- Employers who already provide a qualified retirement plan should certify their exemption from the program.
Please contact your dedicated service professional with any questions.