Page 135

House Bill No. 5506

Public Act No. 22-118 135 of 739

participant's benefit under the program shall be equal to the balance in such participant's individual retirement account as of any applicable measurement date prescribed by the program. (c) The [Connecticut Retirement Security Authority] Comptroller shall establish, or cause to be established, processes to prevent a participant's contributions to the program from exceeding the maximum amount of deduction under 26 USC 219(b)(1) for the participant's tax year. (d) [The state shall not be liable for the payment of any benefit to any participant or beneficiary of any participant and shall not be liable for any liability or obligation of the authority.] The [authority] Comptroller shall not be liable for the payment of any benefit to any participant or beneficiary of any participant, except with respect to any individual retirement accounts established and maintained by the [authority] Comptroller. (e) Any unclaimed funds in a participant's individual retirement account shall be governed by section 3-57a. (f) The [Connecticut Retirement Security Authority] Comptroller shall minimize total annual fees associated with the program, except on and after the completion of the fourth calendar year following the first date on which the program becomes effective pursuant to section 31- 422, the total annual fees associated with the program shall not exceed three-quarters of one per cent of the total value of the program assets. Sec. 101. Section 31-421 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2022): (a) The [Connecticut Retirement Security Authority board of directors] Comptroller, in conducting the business of the [authority, including its oversight functions,] program shall act: (1) With the care, skill, prudence and diligence under the circumstances then prevailing