After several years of hiccups, the state-run Connecticut Retirement Security Authority, is finally launching this Spring with upcoming deadlines for employers that don’t offer employees a retirement plan.
Connecticut employers with five or more employees are required to join the program if they do not offer a retirement plan. Registration opened for employers on April 1st and, depending on the size of the employer, closes as soon as June 30, 2022.
Note that even though certain employers that offer a retirement plan are exempt from participating, they must certify that exemption.
The CBIA has a good summary of the obligations on its website. HR and benefit staff for all employers should be aware of this deadline and ensure your company’s compliance.
Additional information for employers can be found on the CRSA “MyCTSavings” website here. If you need further information, employers should contact their employee benefits attorney. My colleagues, Richard Cohen and Kelly Hathorn-Smith (and others) have been busy responding to such inquiries.
