MyCTSavings has been live since April 2022. It applies to Connecticut employers with 5+ employees that do not offer a qualifying retirement plan. Penalty: $500–$1,500 per company / yr (by size — not per employee). Already passed: All 2022–2023 waves (2023-08-31); Newly eligible employers (2026-08-31) — unregistered employers should register or certify an exemption now..
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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 per year (5–24 employees); up to $1,000 per year (25–99 employees); up to $1,500 per year (100+ employees). The penalty is in force; no public record of assessments yet.
Already passed: All 2022–2023 waves (2023-08-31); Newly eligible employers (2026-08-31) — unregistered employers should register or certify an exemption now.
CGS §31-416(8), §31-422, §31-425(c) (PA 25-30) · Official program: myctsavings.com · Verified 2026-09-17.
MyCTSavings is Connecticut's state-facilitated retirement savings program. It has been live since April 2022. Program: https://myctsavings.com.
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 per year (5–24 employees); up to $1,000 per year (25–99 employees); up to $1,500 per year (100+ employees). The penalty is in force; no public record of assessments yet.
Already passed: All 2022–2023 waves (2023-08-31); Newly eligible employers (2026-08-31) — unregistered employers should register or certify an exemption now.
Exempt with 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. A private 401(k) or SIMPLE IRA satisfies the mandate and may qualify for SECURE 2.0 startup credits.
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