Accavallo & Company, LLC

 Reminder on Connecticut’s Mandatory Employer Retirement Plans

 Reminder on Connecticut’s Mandatory Employer Retirement Plans

As a Connecticut small business employer, you are required to enroll in the mandatory CT Savers Plan by August 31, 2023 (extended date) or opt out of the CT plan, by implementing an employer-sponsored plan.

How the CT Plan affects employers:

Employers will be required to register, or certify exemption, if they already offer an employer- sponsored retirement plan here: https://myctsavings.com/employers/program-details/

 

What are your options as an employer:

 Now is the time to consider setting up an employer-sponsored retirement plan, which offers much more flexibility for yourself and your employees. Please reach out to your payroll provider as soon as possible to discuss your plan options.

As additional incentive for starting an employer plan, you may qualify for the Federal Retirement Plan Startup Credit, which could be as high as $5,000 and spans 3 years.

 

How the CT plan affects employees:

All employees, at least age 19, who have been paid more than $5,000 in the calendar year will be automatically enrolled by their employers in this Roth IRA program. Employee payroll deductions will be 3% of gross pay, up to the annual IRA limits with additional catch-up offerings.

Employer contributions are not required, but compliance and administrative tasks are required by the employer/payroll service.

 

FAQ Link   https://myctsavings.com/faqs/employer?page=1

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Sherri Fisher is a Tax Manager at Accavallo & Company, LLC.  Sherri has longstanding expertise in Trust and Estate Taxation, Eldercare, and Estate planning. Sherri appreciates the relationships she has built with estate planning attorneys and advisors, to provide a team approach to assisting her clients. Sherri also has seasoned experience in business and individual taxation and is partial to assisting start-ups in developing overall accounting and operating plans.

Prior to joining Accavallo & Company, LLC, Sherri was a manager in a large firm, servicing high net worth trust clients, business, and personal clients. She was also a Partner in a large bookkeeping firm, which specialized in cloud accounting systems for regional and national companies. Sherri led a team in assisting clients to organize their accounting systems.  She is a graduate of Florida Atlantic University with a B.S. degree in Accounting.    

Sherri’s experience includes working with companies and organizations in a variety of industries including:

  • Investment Trusts

  • DAPT and Family Investment Partnerships

  • Estate and Probate Administration

  • E-Commerce

  • Manufacturing

  • Construction

  • Real Estate Investment

  • Marketing and Service-based industries

In addition to her professional accomplishments, Sherri is an Intuit Advanced Pro Advisor, Intuit Future Firm Advisory Board member, member of the Valley WIN Network, and proudly served as past Connecticut Public School liaison for the Yale Tommy Fund for Childhood Cancer. Sherri enjoys time with her family, Cleveland sports, thrifting and gardening.