Qualified employers that do not either facilitate in MyCTSavings - the CT retirement savings program - or adopt a private retirement plan, will be subject to annual financial penalties.
A new state law, Public Act 25-30, took effect July 1, and employers who fail to enroll their eligible employees in the program face fines of up to $1,500.
The MyCTSavings program provides a Roth IRA for any employee who isn’t offered a retirement savings plan by their employer. To qualify, an employer must have a minimum of five employees, at least five of whom are paid more than $5,000 per year.
Employers will be notified that their company is not compliant three times before fines are assessed.
Visit MyCTSavings
Questions about MyCTSavings? Join the team for an upcoming webinar, where they will review:
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How to set up a payroll deduction in your payroll system for an IRA contribution
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Overview of the contributions dashboard
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Walkthrough of submitting payroll contributions
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Review integrations with payroll providers
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Q&A session
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