State Law Sparks Retirement Savings for Workers
Mike Edwards, a retired police officer with a pension, became an administrator at a small trade school in -Waterbury two years ago. He wanted to keep putting funds aside for his retirement, but it wasn’t easy—until a new state law took effect.
That law finally launched MyCTSavings, a state-facilitated retirement savings option for private employees that had been in the works for years. AARP Connecticut advocated for the law.
When Edwards, 55, was first hired as the educational coordinator for the Manufacturing Alliance Service Corp., the nonprofit trade school didn’t offer a retirement plan. But the school signed up for a pilot program of MyCTSavings that launched in October 2021. Edwards jumped at the chance to grow his nest egg beyond his police pension and other savings. Now he’s socking away the maximum contribution—$7,500 in 2023 for those 50 and older—into a Roth IRA available through the state savings program.
