Senate Bill 136 (sSB136 File No. 90) proposes amendments to the Connecticut Retirement Security Program statutes, with most provisions effective July 1, 2024. The bill revises definitions such as "Board," "Contribution level," "Program," and "Qualified employer," and sets a default contribution rate of five percent of taxable wages for participants enrolled after July 1, 2024. It reduces the number of board members required for a quorum, addresses board member conflicts of interest, and repeals and substitutes certain subsections of the statutes. The bill also removes references to sections 31-427, indicating a reorganization of the law, and establishes the Connecticut Retirement Security Authority as the successor agency for the program's administration.

The bill outlines the Comptroller's responsibilities, including investing participant accounts in target date funds or alternative investment vehicles, enforcing penalties for noncompliant employers, and protecting board members and employers from personal liability. It allows the Comptroller to collaborate with other states or territories, adopt regulations to protect participant information, and act in the best interest of participants and beneficiaries. The bill includes potential savings from reduced administrative costs and minimal revenue gains from compliance fees starting in fiscal year 2025. Additionally, it expands the Comptroller's powers to contract with legal counsel and engage in intergovernmental agreements. The Labor and Public Employees Committee has given the bill a Joint Favorable report.

Statutes affected:
Raised Bill: 31-416, 31-418, 31-423, 31-425, 31-427
LAB Joint Favorable: 31-416, 31-418, 31-423, 31-425, 31-427
File No. 90: 31-416, 31-418, 31-423, 31-425, 31-427