House Bill 6552, as amended by House Amendment "A," revises the Connecticut Retirement Security Program by altering definitions, board governance, employer obligations, and enforcement mechanisms. The bill reduces the time an employee must work to be considered a "covered employee" from 120 to 60 days, changes the board's quorum and voting requirements to a majority of present members, and removes the October 1, 2023, deadline for repaying the General Fund for program expenses. Instead, a repayment plan will be determined by the OPM secretary and the comptroller. The bill grants the comptroller regulatory authority over program enforcement, including financial penalties, and eliminates the requirement for employers to distribute informational materials by a specific date.

The legislation introduces a notice and penalty system for employers who do not comply with enrollment and contribution requirements, with penalties ranging from $500 to $1,500 based on the number of employees. It provides liability protections for advisory board members and employers against the program's debts, obligations, or investment decisions. The comptroller is also allowed to enter into intergovernmental agreements for program administration. The bill repeals the mandate for the comptroller to maintain a website for qualified employers and vendors and includes various conforming changes. The bill's provisions become effective upon passage.

Statutes affected:
Raised Bill: 31-416, 31-418, 31-427
LAB Joint Favorable Substitute: 31-416, 31-418, 31-427
File No. 7: 31-416, 31-418, 31-427
File No. 794: 31-416, 31-418, 31-425, 31-427