ASK HR with Sheila McKinley-Bell

Welcome to: ASK HR. Each issue will include answers to your questions regarding a variety of human resourcesrelated topics to help you with some of the pressing needs of your business. Our expert is fellow member, Sheila McKinley-Bell of Shoreline HR Consulting, www.shorelinehr. com . Please feel free to let us know what questions are on your mind.

Today’s question is: Can you please explain what the MyCTSavings program is all about?

In 2016, the Connecticut legislature enacted Public Act 16-29, which created the Connecticut Retirement Security Authority — now called the Connecticut Retirement Security Program (CRSP) -- which is responsible for creating MyCTSavings. Although it was signed into law prior to the pandemic, because of the pandemic compliance was put on hold until 2022.

The program created a mandate for employers with 5 or more employees who have been paid $5,000 or more in taxable wages in the previous year, to offer their employees a retirement savings plan; either by offering their own plan or enrolling their employees in the MyCTSavings plan.

Compliance was/is being rolled out in 3 “waves”.

The first wave applied to employers with 100 or more employees. The deadline for compliance was June 30, 2022.

The second wave applied to employers with 26-99 employees. The deadline for compliance was October 31, 2022.

The third wave applies to employers with 5-25 employees. The deadline for compliance has been extended to August 31, 2023

Employers have to register their business with the State (Comptroller’s office) and can opt out if they already have a retirement plan. If not, they need to enroll the business in the plan.

For more information here is the link to the State website: https://myctsavings.com/

Sheila can be reached online at sheila@shorelinehr.com or by phone at 860-256-9881.