Page 136

House Bill No. 5506

Public Act No. 22-118 136 of 739

that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with like aims; (2) solely in the interests of the program's participants and beneficiaries; (3) for the exclusive purposes of providing benefits to participants and beneficiaries and defraying reasonable expenses of administering the program; and (4) in accordance with the provisions of section 31-71e, and sections 31-417 to 31-427, inclusive, [and section 12 of public act 16-29] and any other applicable sections of the general statutes. (b) The [board] Comptroller shall, to the extent reasonable and practicable, require any vendors engaged or appointed by the [authority] Comptroller to abide by the standard of care described in subsection (a) of this section. Sec. 102. Section 31-422 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2022): (a) (1) Not later than January 1, 2018, and annually thereafter, each qualified employer shall provide each of its covered employees with the informational materials prepared by the [Connecticut Retirement Security Authority board of directors] Comptroller pursuant to section 31-419. For any employee of a qualified employer who (A) is hired on or after January 1, 2018, or (B) does not meet the definition of covered employee pursuant to section 31-416, such qualified employer shall provide such informational materials to such employee not later than thirty days, or such other time period as prescribed by the [authority] Comptroller, after (i) the date of such employee's hiring, or (ii) the date such employee meets the definition of covered employee pursuant to section 31-416. (2) Not later than sixty days after a qualified employer provides informational materials to a covered employee in accordance with subsection (a) of this section, or such other time period as prescribed by