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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.

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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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