Page 139

House Bill No. 5506

Public Act No. 22-118 139 of 739

transmit such contribution on the earliest date the amount withheld from the covered employee's compensation can be transmitted, but not later than ten business days following the date upon which the covered employee's contribution amounts were withheld from his or her paycheck. (f) No employer shall be permitted to make a contribution to the program. (g) The [board] Comptroller shall disseminate information concerning the tax credits that may be available to small business owners for establishing new retirement plans. Sec. 103. Section 31-423 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2022): The [Connecticut Retirement Security Authority] Comptroller shall provide for each participant's account to be invested in (1) an age- appropriate target date fund, or (2) other investment vehicles the [authority] Comptroller may prescribe if affirmatively selected by the participant. Sec. 104. Section 31-424 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2022): (a) The [Connecticut Retirement Security Authority] Comptroller shall [establish rules and procedures] adopt regulations, in accordance with the provisions of chapter 54 governing the distribution of funds from the program. Such [rules and procedures] regulations shall allow for such distributions as may be permitted or required by the program and any applicable provisions of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time. (b) The program shall include the following design features