Connecticut § 31-427 - Internet web site for qualified employers and vendors. Vendor participation procedures.

§ 31-427. Internet web site for qualified employers and vendors. Vendor participation procedures.

Sec. 31-427. Internet web site for qualified employers and vendors. Vendor participation procedures. (a) The Comptroller shall:

(1) Establish and maintain a secure Internet web site to (A) provide qualified employers with information regarding employer-sponsored retirement plans and payroll deduction individual retirement accounts, and (B) assist qualified employers in identifying vendors of retirement arrangements that may be implemented by the qualified employers in lieu of participation in the program;

(2) Include the Internet web site address on any posting to the Internet web site or in other materials offered to the public regarding the program;

(3) Prior to implementing the Internet web site, and at least annually thereafter, provide notice to vendors (A) that such Internet web site is active, (B) that such vendors may register for inclusion on the Internet web site, and (C) regarding the process for inclusion on the Internet web site; and

(4) Establish an appeals process for vendors that are denied registration or removed from the Internet web site pursuant to subsection (d) of this section.

(b) Each vendor that registers to be listed on the Internet web site shall provide: (1) A statement of such vendor's experience providing employer-sponsored retirement plans and payroll deduction individual retirement accounts in this state and in other states, if applicable, (2) a description of the types of retirement investment products offered by such vendor, and (3) a disclosure of all expenses paid directly or indirectly by retirement plan participants, including, but not limited to, penalties for early withdrawals, declining or fixed withdrawal charges, surrender or deposit charges, management fees and annual fees.

(c) The cost of establishing and maintaining the registration system and the Internet web site shall be borne solely and equally by registered vendors, based upon the total number of registered vendors.

(d) The Comptroller may remove a vendor from the Internet web site if the vendor: (1) Submits materially inaccurate information to the Comptroller, (2) does not remit assessed fees within sixty days from the date of assessment, or (3) fails to submit to the Comptroller notice of any material change to the vendor's registered investment products. Any vendor found to have submitted materially inaccurate information to the Comptroller shall be allowed sixty calendar days to correct the information.

(P.A. 16-29, S. 13; P.A. 22-118, S. 107.)

History: P.A. 16-29 effective January 1, 2018; P.A. 22-118 replaced references to the Connecticut Retirement Authority board of directors with the Comptroller, effective July 1, 2022.