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Retirement: Mandatory retirement plans starting for thousands of workers

Retirement savings are currently facing a crisis, and states are trying to respond in a positive way.

retirement plan folder

Last month Connecticut shared that it would be joining a group of states already offering state sponsored plans.

Enrollment in the plan began April 1, 2022.

Congress recently released a 6 point plan to help make retirement savings easier for Americans.

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According to The Sun, one bank shared that 46% of their customers had less than $15,000 saved for their retirement.

59% worry they aren’t going to be able to retire by age 65.

Ten states currently offer state sponsored plans with others creating proposals.


Retirement plan for Connecticut

The retirement plan for the state of Connecticut is called MyCTSavings.

Employers that have 5+ employees that make over $5,000 each year are required to participate.

Employees will be automatically enrolled in the first 60 days with an automatic contribution rate of 3%.


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Qualifications for enrollment include

  • working for the employer for at least 120 days
  • be age 19 or older
  • perform job in the state of CT

Other states that offer state sponsored retirement plans include

  • California
  • Illinois
  • Colorado
  • Oregon
  • New York
  • Virginia
  • Maryland
  • New Jersey
  • Connecticut
  • Maine
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