Page 124

House Bill No. 5506

Public Act No. 22-118 124 of 739

marketing and sales fees, revenue sharing, broker fees and other costs necessary to administer the program. Sec. 97. Section 31-417 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2022): [(a) There is hereby established and created a body politic and corporate, constituting a public instrumentality and political subdivision of the state of Connecticut established and created for the performance of an essential public and governmental function, to be known as the Connecticut Retirement Security Authority. The authority shall not be construed to be a department, institution or agency of the state.] [(b) The powers of the authority shall be vested in and exercised by a board of directors,] (a) There is created the Connecticut Retirement Security Advisory Board which shall consist of the following fifteen voting members, each a resident of the state: [,] (1) [the] The State Treasurer; [who shall serve as an ex-officio voting member;] (2) the State Comptroller; [who shall serve as an ex-officio voting member;] (3) the Secretary of the Office of Policy and Management; [who shall serve as an ex-officio voting member;] (4) the Banking Commissioner; [who shall serve as an ex-officio voting member;] (5) the Labor Commissioner; [who shall serve as an ex-officio voting member;] (6) one appointed by the speaker of the House of Representatives, who [shall have] has a favorable reputation for skill, knowledge and experience in the interests of the needs of aging population; (7) one appointed by the majority leader of the House of Representatives, who [shall have] has a favorable reputation for skill, knowledge and experience in the interests of small employers in retirement savings; (8) one appointed by the minority leader of the House of Representatives, who [shall have] has a favorable reputation for skill, knowledge and experience in the interests of retirement investment products; (9) one appointed by the president pro tempore of the Senate, who [shall have] has a favorable reputation for