August 31 Deadline Approaching for Connecticut Employers Regarding MyCTSavings
August 28, 2023The deadline of August 31 is quickly approaching for Connecticut employers to register or opt out of the state's MyCTSavings retirement plan for their employees. If an employer has five or more employees, it's required that they join the plan if:
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It employed five or more employees in Connecticut on October 1 of the previous calendar year, and;
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It paid at least five employees $5,000 or more in taxable wages in the previous calendar year, and;
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It does not currently provide a qualified, employer-sponsored retirement savings plan
Employers who are exempt from MyCTSavings include:
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Those who currently provide a qualified, employer-sponsored retirement savings plan
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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
For more information, visit myctsavings.com