Connecticut MyCTSavings is fully enforced for employers with 5+ employees. Escalating annual penalties apply to non-compliant businesses. Hartford and Stamford employers are being actively contacted.
Get Your Free Connecticut Compliance Audit →MyCTSavings is Connecticut's state-mandated retirement savings program. Connecticut MyCTSavings is fully enforced for employers with 5+ employees. Escalating annual penalties apply to non-compliant businesses. Hartford and Stamford employers are being actively contacted.
Employers who already offer a qualifying private retirement plan — such as a 401(k), SEP IRA, or SIMPLE IRA — are exempt from MyCTSavings requirements.
Learn more at the official state portal: https://www.myctsavings.com
Option 1 — Enroll in MyCTSavings: Register through the state portal and facilitate payroll deductions. This fulfills the mandate but doesn't maximize tax savings.
Option 2 — Set up a private plan (recommended): A qualifying 401(k), SEP IRA, or SIMPLE IRA exempts you from the mandate AND qualifies you for up to $15,000 in SECURE 2.0 Act tax credits over 3 years.
Key difference: A private plan belongs to your company. CalSavers/state plans do not. Private plans also attract and retain better employees.
The SECURE 2.0 Act (2023) gives small business owners massive tax credits for starting a retirement plan:
✅ Up to $5,000/year for 3 years for plan startup costs
✅ $1,000 per employee/year for employer contributions (up to 50 employees)
For many Connecticut small businesses, this makes a private 401(k) free or nearly free — while exempting you from MyCTSavings requirements entirely.
Connecticut employers with 5+ employees who have been in business at least 2 years and don't offer a qualifying retirement plan.
$100 per eligible employee per year, with escalating penalties for continued non-compliance.
Yes. Any qualifying retirement plan exempts you. SECURE 2.0 credits offset startup costs.
Find out exactly what MyCTSavings means for your business — and whether a private plan saves you more money than enrolling in the state program.
Book Your Free 15-Minute Audit →