Page 128

House Bill No. 5506

Public Act No. 22-118 128 of 739

reputation for skill, knowledge and experience in retirement savings, to serve as a member of the board, provided, in each case to which the provisions of this subdivision are applicable, such trustee, director, officer or employee of such a firm abstains from discussion, deliberation, action and vote by the board in specific respect to any undertaking pursuant to this section, section 31-71e, sections 31-418 to 31-427, inclusive, [or section 12 of public act 16-29] in which such firm has a direct interest separate from the interests of all similar firms generally. [(j)] (h) The board, on behalf of the authority, and for the purpose of implementing the Connecticut Retirement Security [Exchange] Program established pursuant to section 31-418, shall [adopt written procedures in accordance with the provisions of section 1-121 for the purposes of] advise the Comptroller on matters including: [(1) Adopting an annual budget and plan of operations, including a requirement of board approval before such budget or plan may take effect; (2) Hiring, dismissing, promoting and compensating employees of the authority, instituting an affirmative action policy and requiring board approval before a position may be created or a vacancy filled; (3) Acquiring real and personal property and personal services, including requiring board approval for any nonbudgeted expenditure in excess of five thousand dollars; (4) Contracting for financial, legal and other professional services, and requiring that the authority solicit proposals not less than every three years for each such service used by the board or authority, except for any firm that contracts to provide custodial, recordkeeping or other services for the provision of an individual retirement account such solicitation shall be not less than every ten years;]