Hotels, motels, restaurants and seasonal businesses in Old Saybrook must comply with MyCTSavings if they meet the 5+ employees threshold — or offer a qualifying plan. 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).
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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.
Yes, if the business meets the threshold. MyCTSavings applies to Connecticut employers with 5+ employees that do not offer a qualifying plan. Hotels, motels, B&Bs and restaurants in Old Saybrook follow the same rules as any other employer — seasonal operation does not exempt you.
Not automatically. Coverage depends on how Connecticut counts employees: 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. Seasonal employers can also satisfy the mandate with a SIMPLE IRA or 401(k), which may exclude employees who work fewer than 1,000 hours a year.
Yes. 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 plan also gives you a real recruiting benefit for seasonal and year-round staff.
Yes. SECURE 2.0 Act tax credits are available to small businesses with fewer than 100 employees that start a new qualifying retirement plan (the full startup credit applies at 50 or fewer employees; it phases down from 51–100). Credits of up to $5,000/year for 3 years, plus up to $1,000 per employee in employer-contribution credits (phasing down over five years), are available regardless of whether your business is seasonal.
Already passed: All 2022–2023 waves (2023-08-31); Newly eligible employers (2026-08-31) — unregistered employers should register or certify an exemption now. Penalty: 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. Contact Kandelaki Solutions for a free compliance audit.
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