Connecticut § 31-418 - Connecticut Retirement Security Program.

§ 31-418. Connecticut Retirement Security Program.

Sec. 31-418. Connecticut Retirement Security Program. (a) There is established the Connecticut Retirement Security Program, the purpose of which shall be to promote and enhance retirement savings for private sector employees in the state, to be administered by the Comptroller. The office of the Comptroller shall constitute a successor agency to the Connecticut Retirement Security Authority for the purposes of administering the Connecticut Retirement Security Program, in accordance with subsections (a), (b), (c), (d) and (f) of sections 4-38d and 4-38e. The Comptroller in consultation with the board, may:

(1) Establish criteria and guidelines for the program to offer qualified retirement investment choices. Such criteria and guidelines shall establish a cap on total annual fees and shall provide participants with information regarding each retirement investment choice's historical investment performance;

(2) Receive and invest moneys in the program in any instruments, obligations, securities or property in accordance with section 31-423;

(3) Contract with financial institutions or other organizations offering or servicing retirement programs. The Comptroller may require that each participant be charged a fee to defray the costs of the program. The amount and method of collection of such fee shall be determined by the Comptroller. No employer shall be required to fund or be responsible for collecting fees from plan participants;

(4) Charge and equitably apportion among participants the administrative costs and expenses incurred in the exercise of the Comptroller's powers and duties as granted by this section;

(5) Borrow working capital funds and other funds as may be necessary for the start-up and continuing operation of the program, provided such funds are borrowed in the name of the program only. Such borrowings shall be payable solely from revenues of the program;

(6) Do all things necessary or convenient to carry out the provisions of section 31-71e, and sections 31-417 to 31-427, inclusive; and

(7) Establish an administrative process by which participants, potential participants and employees may submit grievances, complaints and appeals to the Comptroller and have such grievances, complaints and appeals heard and addressed by the Comptroller.

(b) The Comptroller shall enter into memoranda of understanding with the Labor Department and other state agencies regarding (1) the gathering or dissemination of information necessary for the operations of the program, subject to such obligations of confidentiality as may be agreed or required by law, (2) the sharing of costs incurred pursuant to the gathering and dissemination of such information, and (3) the reimbursement of costs for any enforcement activities conducted pursuant to section 31-425. Each state agency may also enter into such memoranda of understanding.

(c) The Comptroller may adopt regulations in accordance with the provisions of chapter 54 to implement the provisions of this chapter, including, but not limited to, regulations concerning the protection of program participants' personal and confidential information.

(P.A. 16-29, S. 3; May Sp. Sess. P.A. 16-3, S. 97, 207; P.A. 19-117, S. 99; P.A. 22-118, S. 98.)

History: P.A. 16-29 effective May 27, 2016; May Sp. Sess. P.A. 16-3 changed effective date of P.A. 16-29, S. 3, from May 27, 2016, to January 1, 2017, effective June 2, 2016, and amended Subsec. (a) by replacing “Connecticut Retirement Security Program” with “Connecticut Retirement Security Exchange”, amended Subsec. (a)(5) by replacing provision re retirement programs to be offered with provisions re program to offer qualified retirement investment choices, cap on annual fees and information to be provided to participants, amended Subsec. (a)(8) by replacing “attorneys, accountants, consultants, financial experts, loan processors, banks, managers and such other employees and agents” with “such employees”, amended Subsec. (a)(11) by adding “the state and any instrumentalities thereof”, and made a technical change, effective January 1, 2017; P.A. 19-117 amended Subsec. (a)(5) by deleting provision re offer by multiple vendors as selected by authority, effective July 1, 2019; P.A. 22-118 amended Subsec. (a) to change “Connecticut Retirement Security Exchange” to “Connecticut Retirement Security Program”, add provision re administered by the Comptroller, delete Subdivs. (1) to (4), (8), (11) and (12) and add references to comptroller in redesignated Subdivs. and add new Subdiv. (7) re administrative process, amended Subsec. (b) to replace reference to board of directors with Comptroller, and added Subsec. (c) re adoption of regulations, effective July 1, 2022.