With summer vacations in full swing, there’s an upcoming deadline that employers should be mindful of coming up at the end of the month.
Connecticut businesses with five or more employees have less than two weeks before a deadline to register with a state-run program intended to provide a retirement savings plan to private sector workers who do not receive such benefits from their employers. Businesses have until August 31 to register with the MyCTSavings program through the Office of the State Comptroller. The free program is designed to automatically enroll workers in a Roth IRA if they are not already enrolled in an employer-sponsored retirement plan.
Employers can find the link to MyCTSavings here. This applies to those employers that do NOT offer a retirement plan to their employees. Employers that believe that they are exempt are still asked to certify their exemption on the same site.
The site lists three types of exemptions:
- Those who currently provide a qualified, employer-sponsored retirement savings plan
- 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
Employers who don’t comply could face a lawsuit. But according to the CTNewsJunkie article, the state Comptroller has no plans to do so.