ESSEX, Conn. (WTNH) — MyCTSavings is a benefit offered through the state that’s helping residents save for retirement. Employers with 5 or more employees are required to sign-up for the program or certify exemption by Thursday, August 31st.
Geoffrey Paul, co-innkeeper of the Griswold Inn in Essex signed the restaurant staff up for the program back in December. He said the sign-up process was simple.
“MyCTSavings is the first time Griswold Inn has had a retirement plan in 247 years,” Paul said. “People work at the Griswold in because it’s a very special place. These are people who love history and they love being part of our family. But we can’t ignore the reality that they need benefits.”
MyCTSavings was created for private sector workers who do not have access to retirement savings through their employer. According to the state, data shows that people are far more likely to save for retirement when they have a payroll contribution option.
“The best part of this, is it doesn’t cost a business anything,” State Comptroller Sean Scanlon said. “5,000 companies have signed up to date. That’s tens of thousands of Connecticut employees who for the very first time are saving for retirement.”
Griswold Inn bartender Lindsey Pierce said the program is giving her a sense of security.
“I was always told put away, put away. Now that I’m 25 with a baby on the way, it’s a little bit nicer that I can know I have retirement to go to,” Pierce said.
To learn more or to sign-up your business, click here.