§ 31-417 — Connecticut Retirement Security Advisory Board.

Connecticut § 31-417

• Jurisdiction: Connecticut
• Title 31: Labor
• Ch. 574: Connecticut Retirement Security Authority. Connecticut Retirement Security Exchange

Text

(a) There is created the Connecticut Retirement Security Advisory Board which shall consist of the following fifteen voting members, each a resident of the state: (1) The State Treasurer; (2) the State Comptroller; (3) the Secretary of the Office of Policy and Management; (4) the Banking Commissioner; (5) the Labor Commissioner; (6) one appointed by the speaker of the House of Representatives, who has a favorable reputation for skill, knowledge and experience in the interests of the needs of aging population; (7) one appointed by the majority leader of the House of Representatives, who has a favorable reputation for skill, knowledge and experience in the interests of small employers in retirement savings; (8) one appointed by the minority leader of the House of Representatives, who has a favorable reputation for skill, knowledge and experience in the interests of retirement investment products; (9) one appointed by the president pro tempore of the Senate, who has a favorable reputation for skill, knowledge and experience in the interests of employees in retirement savings; (10) one appointed by the majority leader of the Senate, who has a favorable reputation for skill, knowledge and experience in retirement plan designs; (11) one appointed by the minority leader of the Senate, who has a favorable reputation for skill, knowledge and experience in the interests of retirement plan brokers; and (12) four appointed by the Governor, one who has a favorable reputation for skill, knowledge and experience in matters regarding the federal Employment Retirement Income Security Act of 1974, as amended from time to time, or the Internal Revenue Code of 1986 or any subsequent corresponding internal revenue code of the United States, as amended from time to time, one who has a favorable reputation for skill, knowledge and experience in annuity products, one who has a favorable reputation for skill, knowledge and experience in retirement investment products, and one who shall have a favorable reputation for skill, knowledge and experience in actuarial science. Each member appointed pursuant to subdivisions (6) to (12), inclusive, of this subsection shall serve an initial term of four years. Thereafter, said members of the General Assembly and the Governor shall appoint members of the board to succeed such appointees whose terms expire and each member so appointed shall hold office for a term of six years from July first in the year of his or her appointment. (b) All appointments to the board shall be made not later than January 1, 2017. Any vacancy shall be filled by the appointing authority not later than thirty calendar days after the office becomes vacant. Any member appointed to the board of directors of the former Connecticut Retirement Security Authority and serving on July 1, 2022, may continue to serve as a member of the Connecticut Retirement Security Advisory Board until the expiration of such member's term. Any member previously appointed to the board may be reappointed. (c) Notwithstanding the provisions of section 4-9a , the Comptroller shall be the chairperson of the board. The board shall annually elect a vice-chairperson and such other officers as it deems necessary from among its members. (d) The members of the board shall serve without compensation but shall, within available appropriations, be reimbursed in accordance with the standard travel regulations for all necessary expenses that they may incur through service on the board. (e) Each member of the board shall, not later than ten calendar days after his or her appointment, take and subscribe the oath of affirmation required by article XI, section 1, of the State Constitution. Each member's term shall begin from the date the member takes such oath. The oath shall be filed in the office of the Secretary of the State. (f) Eight members of the board shall constitute a quorum. Each member shall be entitled to one vote on the board. (g) (1) No member of the board or any officer, agent or employee of the Comptroller administering the program shall, directly or indirectly, have any financial interest in any corporation, business trust, estate, trust, partnership or association, two or more persons having a joint or common interest, or any other legal or commercial entity contracting with the program. (2) Notwithstanding the provisions of subdivision (1) of this subsection or any other section of the general statutes, it shall not be a conflict of interest or a violation of the provisions of said subdivision or any other section of the general statutes for a trustee, director, officer or employee of a bank, investment advisor, investment company or investment banking firm, or a person having the required favorable reputation for skill, knowledge and experience in retirement savings, to serve as a member of the board, provided, in each case to which the provisions of this subdivision are applicable, such trustee, director, officer or employee of such a firm abstains from discussion, deliberation, action and vote by the board in specific respect to any undertaking pursuant to this section, section 31-71e , sections 31-418 to 31-427 , inclusive, in which such firm has a direct interest separate from the interests of all similar firms generally. (h) The board, on behalf of the authority, and for the purpose of implementing the Connecticut Retirement Security Program established pursuant to section 31-418 , shall advise the Comptroller on matters including: (1) Using surplus funds to the extent authorized under sections 31-71e , 31-71j , 31-416 to 31-427 , inclusive, and 31-429 , or other provisions of the general statutes; and (2) Making modifications to the program that the board deems necessary to implement the provisions of section 31-71e , sections 31-417 to 31-427 , inclusive, consistent with federal rules and regulations in order to ensure that the program meets all criteria for federal tax-deferral or tax-exempt benefits, and to prevent the program from being treated as an employee benefit plan under the federal Employee Retirement Income Security Act of 1974, as amended from time to time. (i) Any money expended from the General Fund for the purpose of administering the Connecticut Retirement Security Program shall be reimbursed to the General Fund according to a plan established and agreed upon by both the Secretary of the Office of Policy and Management and the Comptroller. Such plan shall (1) include a schedule for reimbursement of any money expended from the General Fund to the program, and (2) incorporate any previously agreed upon terms between the Comptroller and the Treasurer to pay back the General Fund for any request for an advance made pursuant to section 31-418a of the general statutes, revision of 1958, revised to January 1, 2021. Payments to reimburse the General Fund shall continue according to the terms of such plan until all money expended from the General Fund to the program is reimbursed. The program may pay any unpaid amounts earlier than the established repayment plan requires.

Legislative History

(P.A. 16-29, S. 2; May Sp. Sess. P.A. 16-3, S. 96; P.A. 22-118, S. 97; P.A. 23-204, S. 112.) History: P.A. 16-29 effective May 27, 2016; May Sp. Sess. P.A. 16-3 amended Subsec. (b) by increasing number of voting members from 9 to 15, adding new Subdivs. (3) to (6) re Secretary of the Office of Policy and Management, Banking Commissioner and Labor Commissioner, respectively, redesignating existing Subdivs. (3) to (9) as Subdivs. (6) to (12), further amending redesignated Subdiv. (7) to replace “employers” with “small employers” and further amending redesignated Subdiv. (12) to add provisions re members who have favorable reputations for skill, knowledge and experience in annuity products, retirement investment products and actuarial science, amended Subsec. (c) by replacing “July 31, 2016” with “January 1, 2017” re appointments, amended Subsec. (d) by deleting “, with the advice and consent of both houses of the General Assembly,” and deleting references to assistant executive director, amended Subsec. (f)(1) by deleting provision re Secretary of the State to administer oath, amended Subsec. (h) by increasing number of members constituting quorum from 4 to 8, amended Subsec. (j) by replacing “Connecticut Retirement Security Program” with “Connecticut Retirement Security Exchange”, and made technical and conforming changes, effective June 2, 2016; P.A. 22-118 deleted Subsec. (a) and redesignated Subsecs. (b) and (c) as Subsecs. (a) and (b), added in redesignated Subsec. (b) reference to Connecticut Retirement Security Advisory Board and revised board's membership terms, redesignated Subsec. (d) as Subsec. (c) and in same deleted reference to Governor selecting chairperson and added reference to provisions of Sec. 4-9a, redesignated existing Subsecs. (e) and (f) as Subsecs. (d) and (e) and in redesignated Subsec. (e) deleted Subdiv. (2), deleted Subsec. (g), redesignated Subsecs. (h) to (j) as Subsecs. (f) to (h) and in redesignated Subsec. (h) deleted Subdivs. (1) to (4) and (7) and redesignated remaining Subdivs. as Subdivs. (1) and (2), deleted Subsecs. (k) and (l) and added new Subsec. (i) re General Fund reimbursement, effective July 1, 2022; P.A. 23-204 substantially revised Subsec. (i) by establishing a plan for reimbursement to the General Fund, effective June 12, 2023 (Revisor's note: In codifying section 112 of public act 23-204, a reference to “section 6 of public act 18-169”, which appeared in the engrossed bill, was changed editorially by the Revisors to “section 31-418a of the general statutes, revision of 1958, revised to January 1, 2021,” for accuracy).