Questions on the Connecticut Mandate?
A workplace retirement plan will become mandatory for employers with 5 or more employees who have been paid more than $5,000 in the calendar year.
The program mandates are rolling out in waves as follows:
· Wave 1: Employers with 100 or more employees – Deadline: June 30, 2022
· Wave 2: Employers with 26 to 99 employees – Deadline: October 30, 2022
· Wave 3: Employers with 5 to 25 employees – Deadline: March 30, 2023
*We are not affiliated with MyCTSavings. Please refer to MyCTSavings.com for the latest requirements.
An employer-sponsored retirement plan includes a plan qualified under Internal Revenue Code sections 401(a) (including a 401(k) plan), qualified annuity plan under section 403(a), tax-sheltered annuity plan under section 403(b), Simplified Employee Pension plan under section 408(k), a SIMPLE IRA plan under section 408(p), or governmental deferred compensation plan under section 457(b). It does not include payroll deduction IRAs.