MyCTSavings retirement program helps with hiring, retaining employees
MyCTSavings is a retirement savings program sponsored by the Office of the State Comptroller that is free to employers and lets your employees make automatic payroll contributions in a retirement savings account. Offering a retirement option may give your business a competitive edge in hiring new employees, as well as keeping your current workers.
Employees in large organizations have been saving for retirement through payroll for years. But for small business owners, especially in food service and hospitality industries, offering retirement savings may be difficult. And it can be complicated for employees, who know they should be saving for retirement, but often don’t know how. So when an employer offers a way to save for retirement and a more secure future, it’s valuable! Explore MyCTSavings.com for resources for savers, including translation services and a retirement calculator.
MyCTSavings makes saving simple. There is no cost to employers, the program is simple to administer, and there is no fiduciary risk to employers, or employer match required. Plus, MyCTSavings integrates with more than 60 payroll companies, including Datapay, Gusto, Paylocity, and Paychex Flex, making contributions a simple and easy process. See participating payroll providers.
Why are retirement savings so important?
In just over four years, nearly 40,000 workers in Connecticut have started saving for their retirement through MyCTSavings. Research shows that employees are 15 times more likely to save for retirement when they have an automatic payroll option. By giving your employees an opportunity to save for their own retirement, you are providing them with a path to a more secure financial future.
Required by State Law
Connecticut state law requires employers with 5 or more full-time and part-time employees that don’t already offer a retirement option to either enroll in MyCTSavings or adopt another qualified retirement plan. To comply with the law, we encourage you to consider your options and make the choice that suits your business. If you do choose another qualified plan, please go to myctsavings.com and click “Certify Employer Exemption” to exempt your company. Employers that already offer a retirement plan are exempt from participating in MyCTSavings.
In 2026, newly eligible businesses will begin receiving enrollment notices in mid-July and the registration deadline is August 31. If your business has been operating for more than one year, you may have received MyCTSavings notices in previous years. If you have not responded to those notices, it is not too late to register and enroll your employees now to become compliant with state law. MyCTSavings is providing this information now to give employers ample time to avoid future financial compliance penalties.
Vestwell Government Savings, the contracted administrator of the program, manages the online payroll portal, and Bank of New York Mellon is the custodian of the individual accounts. Please note MyCTSavings accounts are created in each savers’ name and belong to them. Accounts are NOT connected to the State of CT Employee Retirement Program nor co-mingled with any state funds.
To learn more about MyCTSavings, visit mycsavings.com for program information, how-to videos for enrollment and payroll processing, FAQs, and investment information.
