MyCTSavings is a state-sponsored retirement savings program, for employers with 5 or more full- and/or part-time employees that do not offer a retirement plan. When businesses enroll, their employees can save for retirement through payroll contributions into a Roth IRA. The program is free to businesses, and more than 50 payroll companies work with MyCTSavings to provide payroll integration with your existing payroll process.

Compliance with MyCTSavings

In the 2025 legislative session, statute was changed to include fines for qualified employers who are noncompliant with state retirement law. Beginning in 2026, eligible employers who have not either joined MyCTSavings or adopted a private plan will be sent compliance notifications before fines are assessed. The fines range from $500 to $1,500 annually, depending on the employer’s number of employees.

Businesses will be given ample notice of this important change, and more information will be shared as details are finalized. In the meantime, employers are encouraged to review their options, register, and enroll their employees for MyCTSavings or a private retirement program to avoid fines in the future.

Building retirement savings is critical for a secure financial future. For employees, saving through payroll contributions at work is a simple and effective way to achieve that goal. Visit myctsavings.com for more information.

Connecticut has officially implemented My CT Savings, a state-mandated retirement program.