Potentially thousands of businesses in the state have not yet complied with the rules of a new public retirement savings program.
Potentially thousands of businesses in the state have not yet complied with the rules of a new public retirement savings program.
And a key deadline is just a week away.
All businesses in the state with five or more employees that do not offer a qualified savings program are required to register for what’s called MyCTSavings by March 30.
The state program sets up a Roth IRA account for workers and their contributions are done with an automatic payroll deduction.
Get top local stories in Connecticut delivered to you every morning. Sign up for NBC Connecticut's News Headlines newsletter.
It’s estimated that more than 600,000 private sector workers do not have a retirement savings plan offered at their job.
“What study after study shows that if it's an automatic payroll deduction when it comes to saving for retirement, people are much more inclined to do it and stick with it. And that's what this plan offers,” said Sean Scanlon, D – State Comptroller.
The program launched about a year ago and already 1,500 companies have enrolled.
Local
But as of Thursday, the comptroller says there are still thousands which have not registered or certified their exemption.
“It's very quick, it's easy. And if the business doesn't have a retirement plan, it's actually free for them to offer one to their employees through us,” said Scanlon.
We’re told already nearly 9,000 workers are saving their money with this plan.
