MyCTSavings Annual Enrollment Notices Coming in July for Connecticut Employers

MyCTSavings, the state-sponsored retirement program, will be sending notifications to newly eligible employers in July, the program announced last week. The enrollment deadline is Aug. 31, 2024. To be eligible, businesses must have five or more employees, not offer a qualified retirement plan, and have been in business continuously since Jan. 1, 2023. State law requires eligible employers to either enroll in MyCTSavings or establish their own private plan.

MyCTSavings is free to businesses. Once employers register the business and enroll employees, MyCTSavings will contact employees to explain their options. Employers are responsible for keeping payroll records updated and processing employees’ contributions to their accounts.

Employer notifications will be sent by email or postal mail from Vestwell State Savings, LLC, dba Sumday.

For additional information about MyCTSavings, please contact MyCTSavings Strategic Communications Manager Lisa Kidder at [email protected]. Kidder staffed a booth for the program and presented at the HCAOA Connecticut annual home care conference on June 11.