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Can I offer a 401(k) plan to my employees in Connecticut? What are the requirements?

Offering a Retirement Plan to Employees in Connecticut

If you are an employer in Connecticut, you can offer a retirement plan to your employees. The state requires employers with five or more employees to offer a retirement savings program to their employees [1]. However, it doesn’t have to be the state program. You can offer a 401(k) plan or any other qualified retirement savings option to your employees.

To offer a 401(k) plan, you need to meet certain requirements. You must establish a plan document that outlines the terms of the plan, including eligibility requirements, contribution limits, and vesting schedules. You must also select a plan administrator and a trustee or custodian to manage the plan assets. Additionally, you must ensure that the plan complies with all applicable federal and state laws and regulations [5].

Conclusion

As an employer in Connecticut, you can offer a 401(k) plan or any other qualified retirement savings option to your employees. To do so, you must meet certain requirements, including establishing a plan document, selecting a plan administrator and trustee or custodian, and ensuring compliance with all applicable laws and regulations.

Source(s):
Jurisdiction

Connecticut