Yes. Any employer, whether for profit or not for profit, must facilitate the State’s program if:
- It employed five or more employees in Connecticut on October 1st of the previous calendar year, and;
- It paid at least five employees $5000 or more in taxable wages in the previous calendar year, and;
- It does not currently provide a qualified, employer-sponsored retirement savings plan
Employers who are exempt from MyCTSavings include:
- Those who currently provide a qualified, employer-sponsored retirement savings plan
- Those who were not in existence at all times during the current and preceding calendar years
- Those employing only individuals whose services are excluded under the unemployment compensation law