MyCTSavings: Connecticut Retirement Mandate for Employers

MyCTSavings covers Connecticut employers with 5+ employees that do not offer a qualifying retirement plan. Counting rule: Five or more Connecticut employees on October 1 of the preceding calendar year, at least five of whom were paid $5,000+ in taxable wages that year. Must have existed throughout the current and preceding calendar year.

Per company, not per employee: up to $500 a year (5–24 employees); up to $1,000 a year (25–99 employees); up to $1,500 a year (100+ employees). The penalty is in force; no public record of assessments yet.

• Passed: All 2022–2023 waves, August 31, 2023
• Passed: Newly eligible employers, August 31, 2026

If your group's date has passed and you have not registered, register or certify an exemption now.

CGS §31-416(8), §31-422, §31-425(c) (PA 25-30). Official program: MyCTSavings official site. Verified September 17, 2026.

You must take part if your business has 5 or more employees in Connecticut and you do not offer a qualified retirement plan, such as a 401(k) or SIMPLE IRA. The section above explains exactly how Connecticut counts your employees.

Every announced MyCTSavings deadline has passed. If you have not registered or certified an exemption, do it now.

The fine is charged per company, not per employee, and depends on your size, up to $1,500 a year for the largest employers. No assessments have been made public so far.

Offer your own qualified retirement plan and certify it with MyCTSavings. What counts in Connecticut: a plan under IRC 219(g)(5) (401(a)/401(k), 403(a)/403(b), SEP (408(k)), SIMPLE (408(p)), 457(b)); payroll-deduction IRAs do not qualify; self-certify with EIN + Access Code.

MyCTSavings spares you from running a plan, but it allows no employer match and caps each saver at the IRA limit ($7,500 for 2026). A 401(k) allows up to $24,500 per employee for 2026, lets you add a match, and credits can offset much of the startup cost for eligible employers.