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March 25, 2022

CT launches new retirement savings program for private-sector workers

HBJ FILE PHOTO The state Capitol building.
By Zachary Vasile

State Comptroller Natalie Braswell on Thursday announced the launch of a new retirement savings program for private-sector workers who don’t already have a plan through their employers.

MyCTSavings — which began as a pilot program in October — helps workers set up and maintain regular contributions to a Roth IRA account, according to state officials.

Employers with five or more workers that do not already offer a qualified retirement savings option are required to register, but participation for employees is voluntary. The retirement accounts are portable, and follow workers from job to job.

Over 600,000 Connecticut residents working in the private sector are not offered a retirement plan through their employer, according to Braswell’s office.

“This program provides an option for workers who don’t currently have the opportunity through their employer to save for retirement and make smart investments in their futures,” Gov. Ned Lamont said in a statement. “Expanding opportunities like this not only helps workers themselves, but it also supports small businesses in their efforts to attract employees.”

The state plans to send out letters to around 30,000 employers in early April notifying them of the MyCTSavings program and the requirements to register.

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