New Haven, CT – (WTNH) There’s a new way to save for retirement here in Connecticut, and the CT Chapter of AARP wants to be sure you know about it. The program is called ‘MyCTSavings.’

CT Style Host Natasha Lubczenko recently spoke with John Erlingheuser, Director of Advocacy & Community Outreach at AARP CT, to learn about how the program works for both employers and employees.

MyCTSavings is a state-run program that enables businesses to provide retirement savings programs through Roth IRA accounts and through payroll deduction. Once a business is registered with the State Comptroller’s office, employees are automatically enrolled. They can opt out, but it allows people to have an easy, safe method of saving.  Statistics show that people are 15 times more likely to save for retirement if they can do it through a payroll deduction at work.

John says that eventually, every employer in the state of Connecticut with five or more employees, who doesn’t have a qualified plan, is going to be required to enroll in the program. He says that the process is really seamless for businesses. He says, “They really have nothing to do other than enroll their employees, and then after that, they have no fiduciary responsibility. Their employees will be on their way and actually make businesses more competitive in the state of Connecticut, because they’ll be able to offer something that they couldn’t probably otherwise afford.”

John says that the program is especially good for smaller businesses as it helps them compete with those larger corporations.

Watch this interview to find out more about how this program can help you or your employees
save for retirement.
Natasha and John discuss the following:

  • Is there a significant need for a program like this?
  • How can employers participate in the program?
  • Is the program voluntary for businesses? Is it voluntary for employees?
  • What do employees have to do to set this up?
  • What are the costs of participating in MyCTSavings for the businesses that are
    required to participate?

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