Page 134

House Bill No. 5506

Public Act No. 22-118 134 of 739

charges relate; and (4) [At the election of the board, an] An estimate of the amount of income the account is projected to generate for a participant's retirement based on reasonable assumptions. (c) Not less than annually, the [board] Comptroller shall provide each participant with notification regarding fees that may be imposed through the program and information regarding the various investment options that may be available to participants. The [board] Comptroller may provide such notification and information in the form of a prospectus or similar document. (d) The [board, on behalf of the authority,] Comptroller may adopt [policies and procedures] regulations in accordance with the provisions of [section 1-121] chapter 54 for the electronic dissemination of any notices or information required to be provided to participants, potential participants and qualified employers pursuant to the provisions of this section. Sec. 100. Section 31-420 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2022): (a) The [Connecticut Retirement Security Authority] Comptroller shall provide for the establishment and maintenance of an individual retirement account for each program participant. Such individual retirement account shall be established and maintained through the program. Program assets shall be held in trust or custodial accounts meeting the requirements of Section 408(a) or (c) of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time, or any other applicable federal law requirements. (b) Interest, investment earnings and investment losses shall be allocated to each participant's individual retirement account. A