The proposed General Assembly Raised Bill No. 1221 seeks to amend the Connecticut Retirement Security Program by updating definitions and eligibility criteria for participants and employers. Key insertions include the definition of "Consumer" as per section 17b-706, the introduction of "Personal care attendant," and modifications to the definition of "Qualified employer" to encompass consumers receiving services from personal care attendants under state-funded programs. The bill also changes the default contribution level for participants enrolled on or after July 1, 2025, aligning it with section 414A(b)(3)(A) of the Internal Revenue Code, moving away from the previous default of three percent of taxable wages.

Additionally, the bill repeals and replaces existing language in sections 31-416 and 31-418 of the general statutes, establishing the Connecticut Retirement Security Program under the administration of the Comptroller. The Comptroller will create criteria for retirement investment choices, including a cap on annual fees and historical performance information for investment options. The bill introduces a penalty system for employers who do not comply with enrollment and contribution requirements, along with a grievance process for participants. These changes, effective July 1, 2025, aim to enhance the program's operations, compliance, and accessibility for private sector employees and personal care attendants in Connecticut.

Statutes affected:
Raised Bill: 31-416, 31-423