Page 150

House Bill No. 5506

Public Act No. 22-118 150 of 739

a contribution in another amount; and (2) "automatic contribution arrangement" means an arrangement under an automatic enrollment plan under which, in the absence of an investment election by the participating employee, contributions made under such plan are invested in accordance with regulations prescribed by the United States Secretary of Labor under Section 404(c)(5) of the Employee Retirement Income Security Act of 1974, as amended from time to time. (b) Any employer who provides automatic enrollment shall be relieved of liability for the investment decisions made by the employer or the [Connecticut Retirement Security Authority] Comptroller pursuant to section 31-423 on behalf of any participating employee under an automatic contribution arrangement, provided: (1) The plan allows the participating employee at least quarterly opportunities to select investments for the employee's contributions between investment alternatives available under the plan; (2) The employee is given notice of the investment decisions that will be made in the absence of the employee's direction, a description of all the investment alternatives available under the plan and a brief description of procedures available for the employee to change investments; and (3) The employee is given at least annual notice of the actual investments made on behalf of the employee under such automatic contribution arrangement. (c) Nothing in this section shall modify any existing responsibility of employers or other plan officials for the selection of investment funds for participating employees. (d) The relief from liability of the employer under this section shall extend to any other plan official who actually makes the investment decisions on behalf of participating employees under an automatic