Kara Rochelle

State Representative Kara Rochelle(D – Ansonia, Derby) applauds the recent launch of a program to help private sector workers who do not have access to a retirement savings accounts save for their future.

On Thursday, March 24, the State of Connecticut launched theMyCTSavingsprogram, a new retirement savings option for over 600,000 private sector workers in Connecticut.

"Everyone should have the option to plan for their retirement years. This program gives workers the opportunity to save towards their goals," said Rep. Rochelle. "Thank you to Governor Ned Lamont, Comptroller Natalie Braswell, and former Comptroller Kevin Lembo for supporting this initiative to offer our hardworking residents a smart new way to make investments for their futures."

The MyCTSavings program is an easy and flexible retirement savings option for employees who are not offered an employer-sponsored retirement plan. Employers that do not offer a qualified retirement savings options and have more than five employees must register for the program, which is free. While employers must offer the state program, employee participation is completely voluntary. Workers may choose to remain enrolled in the program or opt out and re-enroll later. Enrolled employees will retain their account even if they change jobs.

According to a report from the National Institute on Retirement Security, in light of the COVID-19 pandemic, 51 percent of U.S. residents are increasingly concerned about their financial security in retirement. The MyCTSavings program works to fill that gap to ensure all residents who want to save for retirement have that choice. The program is free for businesses to participate, is portable for enrolled workers, and can help make smaller businesses more competitive.