If your employer participates in MyCTSavings, you’ll be enrolled automatically.
You can choose to:
Do nothing
We’ll set you up with the standard savings and investment options 30 days after you’re enrolled.
Customize your account
You can choose to customize your savings choices and add beneficiaries.
Opt out
Participation in MyCTSavings is completely voluntary. You can opt out and back in at any time.
Once enrolled, you’ll start saving a percentage of your paycheck automatically in your own Roth IRA.
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 account, or choose the initial minimum contribution and select your investment options. Learn more about contribution limits.
A Roth Individual Retirement Account (IRA) is a specific type of retirement account that you fund with your after-tax earnings, a percentage of which are deposited into your Roth IRA. Your Roth IRA earns money (interest), and those earnings are automatically added to your contributions. When you retire and start taking money out of your Roth IRA (like you’re paying yourself), there are no taxes. In other words, all the interest that your account earns over the years is tax-free. And that’s a big deal. For more details on Roth IRAs you can visit the Internal Revenue Service (IRS) website .
You’re in control of how much you save and can choose the level that is most comfortable for you. We offer resources and tools for those who may need a little extra support.
You can also use our retirement savings calculator to experiment with different savings rates and see what fits your budget.
After the 30-day opt out period, you’ll automatically start saving with the default contribution rate and investment elections:
Once you set up your account, you are in control. You can:
You can opt out of participating in MyCTSavings at any time online, by phone, or mailing in this form.
If you opt out before the end of the 30-day notification period, no payroll deductions will be made on your behalf and your account will not be activated.
If you opt out after 30 days, your employer will be notified to stop your payroll deductions, and any deductions that may have been made can be withdrawn. You can always rejoin the program and begin contributing to your account at any time by accessing your account online or by contacting our Client Service Team.
MyCTSavings has an annual asset-based fee of approximately 0.26%, which includes the investment management fee of the underlying funds. This means you will pay approximately $0.26 for every $100 in your account. There is also a $26 annual account fee (that is charged quarterly at $6.50 each quarter). These fees pay for the administration of the program and the operating expenses charged by the underlying investment funds in which the program’s portfolios are invested.
Employer assistance
1-833-811-7435
Employee assistance
1-833-811-7436
MyCTSavings is overseen by the Connecticut Office of the State Comptroller (“Comptroller”). Vestwell State Savings, LLC, dba Sumday Administration (“Sumday”), is the program administrator. Sumday and its affiliates are responsible for day-to-day program operations. Participants’ who use MyCTSavings beneficially own and have control over their Roth Individual Retirement Accounts (“IRA”), as provided in the program offering set out at myctsavings.com.
MyCTSavings’ Portfolios offer investment options selected by the Comptroller. For more information on MyCTSavings’ Portfolios, go to MyCTSavings.com. Account balances in MyCTSavings will vary with market conditions and are not guaranteed or insured by the Comptroller, the State of Connecticut, the Federal Deposit Insurance Corporation (“FDIC”) or any other organization.
MyCTSavings is a completely voluntary retirement program. Saving through a Roth IRA will not be appropriate for all individuals. Employer facilitation of MyCTSavings should not be considered an endorsement or recommendation by your employer of MyCTSavings, Roth IRAs, or these investments. Roth IRAs are not exclusive to MyCTSavings and can be obtained outside of the program and contributed to outside of payroll deduction. Contributing to a MyCTSavings Roth IRA through payroll deduction offers some tax benefits and consequences. You should consult appropriate professional advice or consultation if you have questions related to taxes or investments.
The MyCTSavings name and the MyCTSavings logo are trademarks of the Comptroller and may not be used without permission.