Employers who have not enrolled their employees in the state-run retirement savings program or have one of their own may soon be subject to penalties.

Changes to the MyCTSavings program took effect July 1.

The retirement-savings program was created to help private-sector employees who don’t have access to employer-sponsored retirement plans.

Employers with five or more employees must register with the State Comptroller’s office to enroll in the program or certify that their employer-sponsored plan meets the requirements.

Under the revised law, employers will face penalties for each year they remain noncompliant.

Penalties are not immediate.

Employers will receive three notifications of noncompliance from the state Comptroller’s office before fines are imposed.

Penalties are assessed each year that an employer is noncompliant for at least 90 days after receiving a final notice.

Employers with five to 24 employees face up to $500 in fines, those with 25 to 99 employees face up to $1,000 fines, and employers with more than 100 employees face up to $1,500 in fines.

The program also now accommodates the federal Saver’s Match contribution, which provides additional retirement savings incentives.

Employers should review enrollment polices and processes, update procedures, and implement compliance tracking measures.

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