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August 21, 2023

CT businesses must register for MyCTSavings by Aug. 31, even if they offer their own retirement plan

THOMAS BREEN PHOTO State Comptroller Sean Scanlon has led the fight for a child tax credit for three years.
By Andrew Larson

Businesses with at least five employees that don’t offer a retirement plan have an Aug. 31 deadline to comply with a state law.

Connecticut-based companies must either sign up for MyCTSavings, the new state-run retirement plan, or certify that they offer their own program to employees by the end of the month.

There are no employer fees for the state program. Employees are not required to participate.

Comptroller Sean Scanlon has been crisscrossing the state touting the program and encouraging businesses to register.

"Before MyCTSavings, nearly 600,000 workers in Connecticut didn't have access to a retirement plan through their job, but we've changed that," said Comptroller Scanlon. "This program is free and convenient for business owners, and it's critically important to empower Connecticut residents to save for the dignified retirement they work hard for and deserve."

While registration is mandatory for businesses, the state has not said what penalties could apply to those that fall out of compliance.

Click here to sign up for MyCTSavings or to opt out of the program.

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