Understanding Connecticut's State Mandates for Retirement Plans: Options and Compliance
Help clients understand Connecticut's state retirement program and explore the alternative solutions to satisfy the mandate.
Key Points
- Compliance Requirements: Educate clients about Connecticut's retirement program mandates, including the need for employers with five or more employees to offer a retirement plan.
- MyCTSavings Overview: Highlight the features of the MyCTSavings program, such as automatic enrollment, contribution rates, and the minimal administrative responsibilities for employers.
- Explore Alternatives: Explain the benefits of alternative solutions, like 401(k) and PEPs — highlighting their flexibility, higher contribution limits, and potential tax advantages for both employers and employees.