NEW HAVEN, Conn, (WTNH) — Small businesses in Connecticut are now required to offer a retirement savings plan called MyCTSavings. The state has been running a pilot program for more than a year. State officials are spreading the word about the new requirement.

“Starting last week, all businesses in Connecticut between 5 and 25 employees got a letter in the mail telling them that it was time to begin complying with the program,” state Comptroller Sean Scanlon (D) said.

Scanlon told small businesses in New Haven’s Westville neighborhood Tuesday morning about the program. The first stop was The Well for Women, which offers massage therapy and wellness care for customers and is already offering MyCTSavings for employees.

“It’s so easy. It doesn’t take much time,” said The Well for Women’s owner Julie Robbins. “It allows me as a business owner to say, ‘Hey, I can encourage you, in this really practical way, to start saving for yourself.”

Half of Connecticut’s small businesses cannot afford a retirement plan without this help. MyCTSavings allows workers to put aside part of their wages straight from their paychecks to help save for retirement.

“It’s very intuitive, very flexible, very easy, and our employees love it,” explained Angela Naranjo, the Office Manager of The Well for Women.

It does not cost businesses any money, and it does not cost them any time, either. Scanlon is reaching out to ensure employers know the comptroller’s office takes care of all the details.

“To make sure that they know that this is a plan for them, that it can help their employees, and all they have to do is sign up,” Scanlon explained. “We do all the investing. We do all the work.”

Contributing to the MyCTSavings plan is voluntary for the employees, but businesses of a specific size have to offer it at least.

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