MyCTSavings: does your Connecticut business have to register, and by when?

If your Connecticut business had five or more employees on October 1 of last year, paid at least five of them $5,000 or more, and offers no qualified retirement plan, the state requires you to register with MyCTSavings or offer your own plan.

Every deadline the state has listed has passed; the most recent was August 31, 2026, for businesses newly eligible in 2026.

The first deadlines have passed. Businesses that newly qualify get a notice from the Comptroller with their own deadline. If you offer a 401(k), you certify an exemption instead.

In forceMyCTSavings (also called Connecticut Retirement Security Program)

Who has to do this?

Under the Connecticut Retirement Security Program law (Conn. Gen. Stat. chapter 574, as amended by Public Act 25-30)4, a Connecticut employer is covered when all of these are true:

  • You employed five or more people in Connecticut on October 1 of the previous year. 4
  • You paid at least five of them $5,000 or more in taxable wages in the previous year. 4
  • Your business existed for all of the current and previous calendar years. 4
  • You don't offer a qualified retirement plan. 4

What a covered employer does: Register with MyCTSavings, enroll employees automatically unless they opt out, and send their contributions, or certify an exemption. 1

When?

Every deadline the state has listed has passed. The rule is in force.

MyCTSavings deadlines
WhoDeadlineWhat is due
Employers with 5 to 24 employees (third wave)August 31, 2023PassedRegister or certify an exemption (extended from March 30, 2023) 5
Businesses newly eligible in 2026August 31, 2026PassedRegister or certify an exemption 1

The Comptroller notifies businesses that newly qualify, and the notice gives the deadline. For the 2026 group it was August 31, 2026. 1

What is MyCTSavings?

  • Savings go to a Roth IRA in each employee's name. 4
  • Employees are enrolled at 5% of pay, rising 1% each January up to 10%, unless they choose otherwise. 3
  • Employers may not contribute or match. 4

What if we already have a 401(k)?

  • Employers that keep a qualified retirement plan, such as a 401(k), 403(b), SEP or SIMPLE IRA, are exempt. A plan that has taken no new participants and no contributions since January 1 of the previous year does not count. 4
  • Certify your exemption online at MyCTSavings with the Access Code from your notice and your EIN. 1

Your two options

Either one meets the requirement. The state program column is as the state describes it; which suits you depends on your business and your people.

Join MyCTSavingsOffer your own plan
What you doRegister with MyCTSavings, enroll employees automatically unless they opt out, and send their contributions, or certify an exemption. 1Certify an exemption online with the Access Code from your notice and your EIN. 1
Where the money goesA Roth IRA for each employee 4Accounts in the plan you choose, such as a 401(k)
Employer contributionsNot permitted 4Up to you, within the plan's design
Fee to the employerNo cost to employers, according to the program. 2Set by the provider you choose

What does it cost?

The state program: No cost to employers, according to the program. 2

Your own plan: the provider sets the fees, and federal tax credits can cover part of the cost of starting one. See 401(k) tax credits for small businesses and our pricing.

What happens if we don't?

  • Since July 1, 2025, after at least two notices and a final notice, the Comptroller may assess a penalty for each year an employer stays out of compliance 90 days or more after the final notice: up to $500 for 5 to 24 employees, $1,000 for 25 to 99, and $1,500 for 100 or more. 4

General information, not legal advice. Rules change; confirm with the state program or your counsel.

Sources & Methodology
  1. Connecticut Office of the State Comptroller, MyCTSavings, Program details (employers). Read October 13, 2026.
  2. Connecticut Office of the State Comptroller, MyCTSavings, MyCTSavings. Read October 13, 2026.
  3. Connecticut Office of the State Comptroller, MyCTSavings, Program description, page dated July 2025. Read October 13, 2026.
  4. Connecticut General Assembly, General Statutes chapter 574, 2026 supplement, page dated revised to January 1, 2026. Read October 13, 2026.
  5. Connecticut Office of the State Comptroller, Comptroller Sean Scanlon releases MyCTSavings enrollment statistics, formally extends registration deadline, page dated April 5, 2023. Read October 13, 2026.

Each statement is paraphrased or quoted from the source it cites. A link to a state agency does not mean the agency endorses alooola. Last verified October 13, 2026.

Get help with MyCTSavings in three steps

  1. Tell us about your business: your state, how many people work for you, and any plan you have now.
  2. An advisor talks it through with you and sends a written proposal with the fees, so you can weigh it against the state program.
  3. If you choose your own plan, we coordinate the setup with you and your payroll provider. You then certify your exemption with the state.
Request a proposal

Prefer to talk? Call (484) 275-5525, Monday–Friday, 9am–5pm ET.