Saving for retirement just got easier for Connecticut residents. The state on Thursday unveiled MyCTSavings — a new retirement savings option for workers who don’t already have a savings plan available to them. Once an employer registers, its workers will be automatically enrolled. Connecticut officials estimate more than 600,000 residents stand to benefit from the state-facilitated Work and Save program.
Workers can opt out, but research shows that people are 15 times more likely to save for retirement when they can do so at work — and 20 times more likely if their workplace savings is automatic. Fourteen states, including Oregon and California, have enacted similar Work and Save legislation.
“It will help employers provide access to a no-cost benefit to their employees. It will provide employees with a more secure retirement. And it will benefit all Connecticut taxpayers by reducing the need for social safety net programs in the future,” Nora Duncan, state director of AARP Connecticut, said in a statement on Thursday.
The state launched a pilot Work and Save program in August 2021 and is now rolling out MyCTSavings statewide. Employers with more than five workers that don’t already offer a workplace retirement plan will be notified of the program in the coming weeks. They will be required to enroll their employees, unless they offer another savings option. AARP has been active in Connecticut and other states to launch similar Work and Save programs to make saving for the future easier.
Learn more about MyCTSavings.
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