You can open an IRA through the program either automatically through your employer or by enrolling on your own. This article explains who is eligible and how to open an account.
How Accounts Are Created
In many cases, your employer creates your IRA for you by providing your basic information to the program.
If this happens, your account already exists in the system and will have contributions remitted directly from your paycheck unless you have opted out. To opt out or make any other changes to your account, you only need to activate your online access to begin managing it.
If your employer does not participate, you may be able to open an account directly through the program, depending on eligibility.
Who Is Eligible
If you enroll on your own in this program, eligibility is generally based on your connection to the state and standard IRA requirements, such as:
- Having a valid Social Security number (SSN) or ITIN
- Being age 18 or older
- Having earned income
- Earning less than the Roth IRA Phaseout limits (for a Roth IRA)
How to Open an Account on Your Own
If self-enrollment is available, you can open an account online.
Steps:
- Go to https://connect.vestwell.com/signup/myctsavings.
- Enter your email address and select Get Started.
- Create a password and select Next.
- Enter your information and select either Verify with text or Verify with call.
- Connect a bank account and select Next.
- Choose an investment(s) that you would like to contribute to, enter an amount, select your frequency of contributions, and then select Next.
- Review your information and select Submit.
Once completed, your account will be created and ready for use, subject to verification.
Identity Verification
The program is required to verify your identity before allowing full account access.
This process confirms your name, SSN or ITIN, and date of birth. Most accounts are verified automatically, but in some cases, additional review or documentation may be required.
If your identity can’t be confirmed right away, your account may remain in a pending status while we conduct a manual review, or an ineligible status if we are unable to confirm your identity after manual review. This process typically takes a short period of time. In some cases, you may be asked to provide documentation such as a government-issued ID or proof of address.