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House Bill No. 5506

Public Act No. 22-118 123 of 739

year. "Qualified employer" does not include: (A) The federal government, (B) the state or any political subdivision thereof, (C) any municipality, unit of a municipality or municipal housing authority, (D) an employer employing only individuals whose services are excluded under subdivision (5) of subsection (a) of section 31-222, or (E) an employer that was not in existence at all times during the current calendar year and the preceding calendar year; [(8)] (7) "Individual retirement account" means a Roth IRA; [(9)] (8) "Roth IRA" means an account described in Section 408A of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time; [(10)] (9) "Normal retirement age" means the age specified in Section 408A of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time, when an individual may withdraw all funds without penalty; [(11)] (10) "Vendor" means (A) a federally regulated retirement plan sponsor conducting business in the state, including, but not limited to, a federally regulated investment company or an insurance company, or (B) a company conducting business in the state to (i) provide ancillary services, including, but not limited to, technological, payroll or recordkeeping services, and (ii) offer retirement plans or payroll deposit individual retirement account arrangements using products of regulated retirement plan sponsors. "Vendor" does not include individual registered representatives, brokers, financial planners or agents; and [(12)] (11) "Fee" means investment management charges, administrative charges, investment advice charges, trading fees,