Page 130

House Bill No. 5506

Public Act No. 22-118 130 of 739

Sec. 98. Section 31-418 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2022): (a) There is established the Connecticut Retirement Security [Exchange] Program, the purpose of which shall be to promote and enhance retirement savings for private sector employees in the state, to be administered by the Comptroller. The office of the Comptroller shall constitute a successor agency to the Connecticut Retirement Security Authority for the purposes of administering the Connecticut Retirement Security Program, in accordance with subsections (a), (b), (c), (d) and (f) of sections 4-38d and 4-38e. The [board of directors of the Connecticut Retirement Security Authority] Comptroller in consultation with the board, may: [(1) Adopt bylaws for the regulation of the affairs of the board and the conduct of its business; (2) Adopt an official seal and alter the same at the pleasure of the board; (3) Maintain an office at such place or places in the state as the board may designate; (4) Sue and be sued in its own name;] [(5)] (1) Establish criteria and guidelines for the program to offer qualified retirement investment choices. Such criteria and guidelines shall establish a cap on total annual fees and shall provide participants with information regarding each retirement investment choice's historical investment performance; [(6)] (2) Receive and invest moneys in the program in any instruments, obligations, securities or property in accordance with section 31-423;