22-109E 22-109E . . . Employee Savings Plan (401(k) Plan) under which (a) participants make voluntary contributions through salary reductions, payroll deductions and/or cash payments, certain of which are matched in whole or in part by employer contributions and (b) such contributions are allocated to one or more investment funds in accordance with investment elections of each participant
Connecticut Savings Plan for Employees
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US-CC-22-109E
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FAQ
Is the Connecticut state retirement program mandatory? Yes. MyCTSavings will be mandatory for employers that don't already provide a qualified retirement savings plan benefit such as a 401(k).
Employers in CT who have five or more employees that each earn more than $5,000 in a calendar year must either participate in MyCTSavings or sponsor another qualified retirement plan through the private market. Businesses that don't comply may be penalized.
You will have earned a permanent vested right to a retirement benefit if you have at least 5 years of actual state service or 10 years of vesting service at the time you leave. Refer to the section entitled "Vested Rights Retirement" for information on the age at which you may begin to receive your benefit.
If you do not wish to defer (contribute money from your paycheck) into your 401(k) or you are not in a financial position to do so, you can opt out and stop deferrals at any time.
Age 63 is the normal retirement age if you have at least 25 years of vesting service; age 65 is the normal retirement age if you have at least 10 but less than 25 years of vesting service.
MyCTSavings is an exciting new retirement savings program, overseen by the Connecticut Office of the State Comptroller.
While there is currently no legal obligation for companies to offer a 401(k) plan, if they do offer one, they must adhere to strict rules about which employees are eligible to participate.
The SECURE 2.0 Act automatic enrollment provisions include: Beginning in 2025, employers with new 401(k) and 403(b) plans must automatically enroll employees when they become eligible. The initial contribution amount must be at least 3% and no more than 10%.