Connecticut Comptroller Sean Scanlon has announced that the registration deadline for MyCTSavings has been extended to Aug. 31, 2023.
The Connecticut Retirement Security Program — also known as MyCTSavings — is a state-sponsored program that provides retirement plan coverage for those whose private-sector employers do not offer a retirement plan. It was formally launched in March 2022. Businesses with five or more employees must participate in the program; it is not mandatory for employers with fewer than five employees or that already offer a retirement plan. Participating employers do not have to contribute to it, but they must provide a payroll deduction mechanism by which employees contribute to a Roth IRA.
The program has been phased in gradually in waves.
So Far
Scanlon reports that more than 3,400 businesses have successfully enrolled, and program assets are more than $3.5 million. “We are extending the enrollment deadline to August 31, 2023, so that we can continue to build on this momentum and work with business owners to empower their employees to save for the dignified retirement they deserve," Scanlon said in a press release.
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