How Will “My CT Savings” Program Impact YOUR Small Business?

March 21, 2023

On March 16, NFIB in Connecticut hosted a webinar about the My CT Savings program, a state mandated retirement program.

How Will "My CT Savings" Program Impact YOUR Small Business?

On March 16, NFIB in Connecticut hosted a webinar about the My CT Savings program, a state mandated retirement program. NFIB State Director Andy Markowski was joined by Lisa Kidder, Communications Manager of the MY CT Savings program as well as Matt Golden of VestWell State Savings, which is the program administrator. A program of this type has been discussed in Connecticut since 2008 and in 2016 lawmakers voted to have the program run through the state Comptroller’s Office. There is a date that is coming up fast: small businesses with 5-25 employees must register for My CT Savings by March 30. If you are a small business that doesn’t offer a retirement savings program, have 5 or more full or part time employees who are paid more than $5,000 you must sign up for this program. Lisa Kidder of the My CT Savings program says that this program is free for small business owners and allows small business owners to let their employers to save for the future. Small businesses will be required to facilitate the program, which sends a percentage of their paycheck into a ROTH IRA account. If you have any questions, there is a dedicated line where you can ask questions about the program: 1-833-811-7435.

What We Covered

The deadline to take action is March 30^th;
The “what, when, and how” of registering or opting out;
And more!

Resources

Contact your Connecticut team!

- Call State Director Andy Markowski with policy questions at 860.240.6342.
- Email Grassroots Manager Julianna Rauf with advocacy questions or if you’re interested in becoming more involved at Julianna.Rauf@NFIB.org.

Contact the MyCTSavings team!

- Jessica Muirhead, Executive Director: Jessica.Muirhead@CT.gov
- Lisa Kidder, Strategic Communications Manager: Lisa.Kidder@CT.gov

In Case You Missed It It takes two minutes of your time to contact your legislators and ask them to restore the pass-through entity tax credit and oppose another minimum wage increase. Personalizing your message with your business name and personal story will catch the attention of lawmakers.

Take Action Now! Restore the Pass-Through Entity Tax Credit! (https://www.votervoice.net/NFIB/7/campaigns/100695/respond)
Take Action Now! STOP Another Minimum Wage Increase! (https://www.votervoice.net/NFIB/7/campaigns/99959/respond)

What’s Next? Now that Connecticut has implemented state-mandated paid family and medical leave (PFML):

What do employers need to know about the updates for processing claims?
What are the deadlines and employer obligations for this year?
And more!

Join NFIB and representatives from the CT Paid Leave Authority on Tuesday, April 25th at 11:30 am EST. >> CLICK HERE TO REGISTER << (https://engage.nfib.org/events/c525c602-6315-4625-8bd1-b46ef0cf483b) As always, please do not hesitate to reach out with any questions. Thank you for your membership!

Topics:

Uncategorized

State:

Connecticut

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