How Will the “MyCTSavings” Program Impact YOUR Small Business?
On November 14, NFIB Connecticut held a follow-up member virtual discussion about MyCTSavings, the state mandated retirement program. A recording of the webinar can be found below.
MyCTSavings is free for small business owners and allows their employers to save for the future. Small businesses are required to facilitate the program, which sends a percentage of their paycheck into a ROTH IRA account. MyCTSavings is run through the state Comptroller’s Office, and if you are a small business that doesn’t offer a retirement savings program and has five or more full or part-time employees who are paid more than $5,000, you must sign up for this program.
NFIB State Director Andy Markowski hosted an informative presentation and conversation, joined by Jessica Muirhead, executive director of MyCTSavings, and Lisa Kidder, strategic communications manager for MyCTSavings. Program updates, deadlines, and employer obligations were reviewed, and the presentation detailed the latest changes, what to expect in 2024, individual enrollment options, and how to make sure you’re business is in compliance.
If you have further questions, you can go to the program website: Home – MyCTSavings. There is also a dedicated line where you can ask questions about the program, 1-833-811-7435.