Page 129

House Bill No. 5506

Public Act No. 22-118 129 of 739

[(5)] (1) Using surplus funds to the extent authorized under [subdivision (12) of section 1-79, subdivision (1) of section 1-120, sections 1-124, 1-125,] sections 31-71e, 31-71j, 31-416 to 31-427, inclusive, and 31-429, [and section 12 of public act 16-29] or other provisions of the general statutes; and [(6)] (2) Making modifications to the program that the board deems necessary to implement the provisions of section 31-71e, sections 31-417 to 31-427, inclusive, [and section 12 of public act 16-29] consistent with federal rules and regulations in order to ensure that the program meets all criteria for federal tax-deferral or tax-exempt benefits, and to prevent the program from being treated as an employee benefit plan under the federal Employee Retirement Income Security Act of 1974, as amended from time to time. [; and] [(7) Establishing an administrative process by which participants, potential participants and employees may submit grievances, complaints and appeals to the board and have such grievances, complaints and appeals heard and addressed by the board. (k) The authority shall continue as long as the program remains in effect and until its existence is terminated by law. Upon termination of the existence of the authority, all its rights and properties shall pass to and be vested in the state of Connecticut. (l) The provisions of this section and section 1-125 shall apply to any member, director or employee of the authority. No person shall be subject to civil liability for the debts, obligations or liabilities of the authority as provided in this section and section 1-125.] (i) Any money expended from the General Fund for the purpose of administering the Connecticut Retirement Security Program, or providing compensation for covered employees, shall be reimbursed to the General Fund not later than October 1, 2023.