NOTE: The initial MyCTSavings program deadline ended in August 2023, after it was extended by 5 months. All qualified businesses must now be registered under the program.
Are you a Connecticut business owner with 5 or more employees and do not currently have a retirement plan for your employees in place? If so, then pay attention because MyCTSavings, a Connecticut retirement program sponsored by the State of Connecticut’s Retirement Security Authority, is mandatory, requiring you to register for the program
MyCTSavings is a state-sponsored retirement savings program created to support Connecticut employees in saving and planning for a financially secure future.
Before the launch of the MyCTSaving program, over 550,000 private-sector employees had no employer-sponsored retirement savings plan in place. To combat the gap in retirement planning, the program MANDATES certain Connecticut employers without employer-sponsored retirement plans to offer enrollment into MyCTSavings.
Employers that do offer their own retirement plan options, you may submit an exemption for the program through the MyCTSavings website.
MyCTSavings is mandatory for Connecticut employers who meet the following criteria:
Generally, employers that do not fulfill the requirements above for mandatory enrollment in the program are exempt. To clarify, however, employers can be eligible for exemption from MyCTSavings if they:
Yes, the program is MANDATORY for qualifying businesses and will be monitored for business compliance; penalties will be assessed as warranted.
Effective January 1, 2026, employers found to not have adopted a private retirement plan for their employees, nor have registered for the MyCTSavings program, may see fines ranging from $500 to $1,500 annually, depending on the number of employees. Notifications are sent to eligible employers who have not registered for the program before fines are imposed.
Important to note that once an employee is hired, they have 30 days to opt in or out. If the employer does not inform the employee or the employee does not respond, they are automatically enrolled at the default contribution level of 5%.
The original deadline for MyCTSavings registration was rolled out in waves, beginning with larger employers first, with March 30, 2023, being the original deadline for all businesses. The deadline was extended to August 31, 2023, for the remaining eligible employers to register.
Below is the original schedule for the CT retirement plan mandate:
| Wave 1 | Wave 2 | Wave 3 | |
| Number 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 |
Newly eligible businesses are required to register for MyCTSavings by the deadline of August 31 of each year.
MyCTSavings does not require any employer fees, as employers cannot make contributions to the program.
No, the purpose of this program is not to substitute or compete with 401(k)s or other qualified retirement plans.
Connecticut employees are eligible for the MyCTSavings program if they meet the following requirements:
If an employee is an H-2A Visa Holder, they will be eligible if:
There are no fees in the Cash Preservation fund; however, there are a few other fees employees should be aware of and informed of:
If your Connecticut business fits the eligibility requirements, you MUST be enrolled in MyCTSavings unless you register your business as exempt.
If you find yourself having questions or unable to answer employee questions promptly, such as:
No worries, our experts have your back! As a Connecticut HR Consulting service provider, we are always ready to have a conversation about ensuring compliance for your company and answering all employee inquiries. Contact us with your questions concerning the new MyCTSavings program, and we'll help you ensure compliance.