Page 121

House Bill No. 5506

Public Act No. 22-118 121 of 739

may apply to the Office of Policy and Management on or after July first for early disbursement of a portion of such grant. The Office of Policy and Management may approve such an application if it finds that early disbursement is required in order for a municipality to meet its cash flow needs. No early disbursement approved by said office may be issued later than September thirtieth. Sec. 95. (Effective from passage) Notwithstanding the provisions of subsection (a) of section 12-19b of the general statutes, the city of New Haven shall be permitted to update, not later than July 1, 2022, the assessed valuation it provided to the Secretary of the Office of Policy and Management for the computation of the grant payable under the provisions of section 12-18b of the general statutes to said city for the fiscal year ending June 30, 2023. Sec. 96. Section 31-416 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2022): As used in this section, section 31-71e, and sections 31-417 to 31-427, inclusive: [, and section 12 of public act 16-29:] [(1) "Authority" means the Connecticut Retirement Security Authority established pursuant to section 31-417;] [(2)] (1) "Board" means the Connecticut Retirement Security [Authority board of directors] Advisory Board established pursuant to section 31-417; [(3)] (2) "Contribution level" means (A) the contribution rate selected by the participant that may be expressed as (i) a percentage of the participant's taxable wages as is required to be reported under Sections 6041 and 6051 of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time, or (ii) a dollar amount up to the maximum deductible amount for the participant's taxable year under Section 219(b)(1) of the