Connecticut Tightens Enforcement of MyCTSavings Retirement Program
Connecticut employers, take note: Public Act No. 25-30/S.B. No. 1221 (“An Act Making Changes to the Connecticut Retirement Security Program”), effective July 1, 2025, has introduced a new enforcement framework for the MyCTSavings retirement program and with it, financial consequences for noncompliance. On March 24, 2022, Connecticut launched the MyCTSavings state-run retirement program. Employers with five or more employees must register with the state comptroller’s office to either enroll in the program or certify that their employer-sponsored plan meets the required standards. Quick Hits Effective July 1, 2025, Connecticut’s Public Act No. 25-30/S.B. No. 1221 has introduced a three-strike enforcement process for the MyCTSavings retirement program, with escalating annual penalties for noncompliance. Penalties range from $500 to $1,500, depending on the size of the employer. The law continues to apply to employers with five or more employees, maintaining the same eligibility...