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Attention Employers! There is a new CT state mandate beginning 1Q 2022!

MyCTSavings is a new retirement program that is sponsored by the state of CT’s Retirement Security Authority. If you are a CT employer that has 5 or more employees and you do not offer a qualified retirement savings plan (ie. 401k, SIMPLE IRA, etc), you will be required to register for this program.  

The program is designed to help employees reach their financial goals with easy, automatic payroll contributions to a ROTH IRA. Participation of employees is voluntary. They can choose to stay automatically enrolled or opt out and re-enroll later. The default savings rate is 3% of gross pay that employees can adjust at any time. 

There is no cost to employers. Your role is to facilitate the program and maintain accurate employee records. 

We at Bergamo Tax and Accounting Services LLC are monitoring how and when this program will be launched so that we can keep our employers informed and compliant. Stay tuned!

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