Frequently Asked Questions
Below you'll find many of the common questions we’ve been asked.
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Employer FAQs
How Do I Contact MyCTSavings?
To contact support, please call (833) 811-7435 or email clientservices@myctsavings.com.
Do employees need to fill out paperwork to enroll or make changes?
Employees are enrolled automatically and do not need to fill out any paperwork. Once enrolled, employees can manage most account functions online. But, if needed, there are offline forms available for certain account changes; these forms can be downloaded, filled out, and sent in.
What does automatic enrollment mean?
Automatic enrollment means that if an employee takes no action during the 30 day opt-out window for the program, a Roth IRA will be opened in their name and will be listed as an active employee on your report to send payroll contributions. Employees who are automatically enrolled in the program will have the default contribution settings elected.
Where can I find a copy of the program rules?
The MyCTSavings program rules are posted here.
Who is responsible for choosing the investment options for participants?
The Connecticut Retirement Security Program is responsible for making decisions about the investment options available to participants of the program.
Do I need to facilitate the program if I only have a small number of employees?
Employers with at least five employees must facilitate the State's program if they don't offer a qualified, employer-sponsored retirement plan. Employees who work for a company with less than five employees can open their own account to start saving for retirement with MyCTSavings.
Saver FAQs
What about expense ratios and fees?
The expense ratios and other information for the funds used in the MyCTSavings retirement savings program can be found on the Investments page.
In addition to the expense ratios, there are also Asset-Based fees and Annual Account fees for the Program, regardless of which investment option you choose. These fees and expense ratios go towards managing and running the MyCTSavings program and the underlying investment portfolios, respectively.
What do I need to set up my own account?
If you’re self-employed or don’t work for an employer registered with MyCTSavings, you can contribute directly to your own Roth IRA account. It’s easy and takes only a few minutes to get started:
- Create an account. You’ll just need your Social Security number, date of birth, and residential address.
- Customize your savings choices. Set up automatic contributions from your bank account to your MyCTSavings retirement account, or choose the initial minimum contribution and select your investment options. Learn more about contribution limits.
I’m self-employed. Can I set up my own MyCTSavings account?
If you are 19 years of age or older, have Connecticut taxable income, and are eligible to contribute to a Roth IRA under the federal rules governing IRAs, you can open your own retirement account with MyCTSavings here. You can set up automatic contributions through your bank account or contribute by check using a mail-in paper form after your account has been set up.
How do I join MyCTSavings?
If your employer facilitates MyCTSavings, you’ll be notified of your opportunity to save with the program. You can do nothing and start saving automatically or set up your account and customize your savings elections. If you start saving automatically, your funds will be invested in the Cash Preservation Fund for the first sixty days. After that time, your funds will be exchanged automatically to a default Target Retirement Date Portfolio based on your date of birth. Participation in MyCTSavings is completely voluntary, you can change your savings rate, investment election, and opt out or back in at any time.
If your employer does not meet the registration requirements, you can also open and contribute to your own retirement account with MyCTSavings.
Am I eligible for the Saver's Credit from the IRS?
You may be able to take advantage of the Saver's Credit if you meet the eligibility requirements. The Saver's Credit is a federal tax credit you can get for making contributions to your retirement plan. For more information, visit here. You may also want to consult with a tax expert or financial advisor.
Will Connecticut state income tax be withheld from my Roth IRA withdrawals?
If you are a resident in the state, Connecticut income tax withholding applies only to the taxable portion of IRA distributions. Therefore, if your withdrawal is a qualified distribution there will be no income tax withheld. If your withdrawal is not a qualified distribution, then a minimum of 6.99% of the taxable portion (the earnings) will be withheld in the state of Connecticut, but you may claim an exemption from withholding, if eligible, or you may elect to have an additional amount withheld, by completing and submitting a Form CT-W4P.