Page 264

House Bill No. 5506

Public Act No. 22-118 264 of 739

(2) All amounts transmitted to the board for member contributions shall at all times be the property of the system and while in the custody of such local treasurer or other person such person is a fiduciary with respect to such amounts and shall discharge a fiduciary's responsibilities solely for the benefit of the system. If such amounts are not accompanied by the reports and information deemed necessary or desirable by the board for the proper administration of the system, in accordance with subsection (a) of this section, the board may deem such amounts not received by the fifth business day of the following month for purposes of this subsection until the date on which such reports and information are received. [Said] The board shall be entitled to receive from an employer interest at the rate of nine per cent per year from the due date on all amounts deducted by such employer and not received by [said] the board by the fifth business day of the following month. Interest at the rate of nine per cent per year shall be compounded annually on the interest assessed from the date payment is received to the date the interest assessment is paid. Such interest shall be treated as an amount earned by assets of the system. (c) All amounts received by the board under this section shall be forwarded to the State Treasurer. (d) Each member shall file with the board [an enrollment and such other] such forms, documents and information as the board deems necessary or desirable for the proper administration of the system. Sec. 180. Section 10-183o of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2022): During any period when this country is at war, a board of education may [cause to be paid] pay to the retirement board the mandatory contributions of members who were in its employ at the time of entering into the armed forces, as defined in section 27-103, [. Such contributions as may be approved by the board of education shall be included in the