Page 131

House Bill No. 5506

Public Act No. 22-118 131 of 739

[(7)] (3) Contract with financial institutions or other organizations offering or servicing retirement programs. The [authority] Comptroller may require that each participant be charged a fee to defray the costs of the program. The amount and method of collection of such fee shall be determined by the [authority] Comptroller. No employer shall be required to fund or be responsible for collecting fees from plan participants; [(8) Employ such employees as may be necessary in the board's judgment, and to fix the compensation of such persons;] [(9)] (4) Charge and equitably apportion among participants the administrative costs and expenses incurred in the exercise of the [board's] Comptroller's powers and duties as granted by this section; [(10)] (5) Borrow working capital funds and other funds as may be necessary for the start-up and continuing operation of the program, provided such funds are borrowed in the name of the [authority] program only. Such borrowings shall be payable solely from revenues of the [authority] program; [(11) Make and enter into contracts or agreements with the state and any instrumentalities thereof and professional service providers, including, but not limited to, financial consultants and lawyers, as may be necessary or incidental to the performance of the board's duties and the execution of its powers under this section;] [(12) Establish policies and procedures for the protection of program participants' personal and confidential information; and] [(13)] (6) Do all things necessary or convenient to carry out the provisions of section 31-71e, and sections 31-417 to 31-427, inclusive; [,] and [section 12 of public act 16-29.] (7) Establish an administrative process by which participants,