This bill, labeled sHB6552 File No. 794, makes modifications to the Connecticut Retirement Security Program. It inserts new legal language into current law and deletes certain provisions. The bill allows the board to make necessary modifications to the program to implement section 31-71e and sections 31-417 to 31-426, consistent with federal rules and regulations. It also establishes a plan for reimbursing any money expended from the General Fund for the purpose of administering the program. The bill repeals and substitutes sections 31-418, 31-421, and 31-422 of the general statutes, which relate to the administration and operation of the program. The Comptroller is given the authority to establish criteria and guidelines for the program, receive and invest moneys, contract with financial institutions, charge fees, and establish an administrative process for grievances and complaints. The Comptroller may also adopt regulations to implement the provisions of the program and enter into memoranda of understanding with other state agencies. The bill also sets forth the duties and responsibilities of the Comptroller in conducting the business of the program. Qualified employers are required to provide informational materials to covered employees and automatically enroll them in the program, with the option to opt out. Qualified employers that maintain a retirement plan or arrangement approved by the Comptroller are exempt from certain requirements.
This bill makes various changes to the Connecticut Retirement Security Program. It reduces the amount of time an employee must work for their employer to be considered a "covered employee" under the program. It also eases quorum and voting requirements for the program's advisory board. The bill removes the deadline for the program to repay the General Fund for certain expenses and instead requires repayment according to a plan set by the Office of Policy and Management secretary and the comptroller. The bill allows the comptroller to adopt regulations on program enforcement activities, including financial penalties. It also removes an obsolete deadline for employers to provide certain informational materials on the program to their employees. The bill creates a notice requirement and financial penalty for noncompliant employers. It gives certain liability protections to advisory board members and covered employers. The bill allows the comptroller to enter into intergovernmental agreements for collaboration on data collection, program administration, and pooled investments. It repeals a requirement for the comptroller to set up and maintain a website for qualified employers and vendors. The bill makes various conforming changes.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