Page 137

House Bill No. 5506

Public Act No. 22-118 137 of 739

the [authority] Comptroller, and subject to the provisions of subdivision (3) of this subsection, such qualified employer shall automatically enroll each of its covered employees in the program at the participant's contribution level in accordance with the provisions of section 31-71j. (3) A covered employee may opt out of the program by electing a contribution level of zero. (4) (A) A qualified employer that (i) maintains a retirement plan or retirement arrangement described under Section 219(g)(5) 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 (ii) any other retirement arrangement approved by the [authority] Comptroller, shall be exempt from the requirements of subdivisions (1) and (2) of this subsection. (B) A qualified employer shall not be considered to maintain a retirement plan or retirement arrangement described under said Section 219(g)(5) or any other retirement arrangement approved by the [authority] Comptroller pursuant to subparagraph (A) of this subdivision, if the [authority] Comptroller determines that (i) as of the first day of the previous calendar year, no new participant was eligible to be enrolled in a retirement plan or retirement arrangement maintained by such qualified employer, and (ii) on and after the first day of the previous calendar year, no contributions were made to such retirement plan or retirement arrangement by or on behalf of a participant in such plan or arrangement. (5) The [authority] Comptroller may defer the effective date of the program, in whole or in part, and for particular categories of employers, as the [authority] Comptroller deems necessary to effectuate the purposes of section 31-71e, and sections 31-417 to 31-427, inclusive, [and section 12 of public act 16-29] in a manner that minimizes the disruption and burdens that may exist for any qualified employer. The [board]