There are millions of Americans who are currently without a retirement program or plan, but that may come to an end for many.
In the state of Connecticut, a program called the MyCTSavings Program will help people with retirement plans and savings.
The program will give people Roth IRAs which will be employer-sponsored.
Usually, they are not sponsored by employees.
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The taxes are paid immediately, unlike in a traditional account.
This program will be free for employers and run by employee contributions.
Mandatory contributions are 3%.
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Who can qualify for the retirement program?
600,000 residents that do not have any access to a retirement plan through their employer can qualify.
Letters will be sent to 30,000 businesses next month with details about the program.
There are 8 plans for employers to choose from.
Businesses participating will be a requirement and they’ll need to be registered by June 30.
The maximum contribution is $7,000.
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