HEAT ALERT

High temperatures and humidity continue; risk of thunderstorms this afternoon

State comptroller visits Stamford business to talk MyCTSavings

Employers with at least five employers who've been paid more than $5,000 in the calendar year are required by law to join the program-- if they don't already offer a retirement plan.

News 12 Staff

Jan 23, 2023, 5:35 PM

Updated 515 days ago

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State Comptroller Sean Scanlon visited a small business in Stamford today to discuss access to Connecticut's new retirement plan, MyCTSavings.
Scanlon stopped by Lorca Coffee Bar on Bedford Street.
Leyla Jenkins has owned the business for a decade with some of her creations inspired by her Spanish heritage.
Jenkins says her woman-owned business has worked with the Women's Business Development Council for several years and was recently made aware of MyCTSavings.
Employers with at least five employees who've been paid more than $5,000 in the calendar year are required by law to join the program if they don't already offer a retirement plan.
Employees must contribute a minimum of 3%. There's no employer match.
Jenkins says around her 70% of her employees are taking advantage of the new program.
Scanlon says businesses that qualify for the program must enroll by the end of March.


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