Page 133

House Bill No. 5506

Public Act No. 22-118 133 of 739

(3) Clear and conspicuous notice regarding the default contribution level; (4) The process by which a participant may opt out of the program by electing a contribution level of zero; (5) A description of applicable federal and state regulations, including income and contribution limits for participating in the program; (6) The process for withdrawing retirement savings from the program, including an explanation of the tax treatment of withdrawals; (7) The process by which a participant may obtain additional information on the program, including information regarding investment options available under the program; and (8) Such other information as the [board] Comptroller may deem necessary or advisable to provide to participants, potential participants and qualified employers in the state. (b) Not less than quarterly, the [board] Comptroller shall provide a statement to each participant that shall include, but need not be limited to, the following information: (1) The account balance in a participant's individual retirement account, including the value of the participant's investment in each investment option selected by the participant; (2) The investment options available to each participant and the process by which a participant may select investment options for his or her contributions in accordance with subsection (b) of section 31-71j or as prescribed by the [authority] Comptroller; (3) The amount of fees charged to each participant's individual retirement account and a description of the services to which such