Connecticut § 31-421 Comptroller standard of care.

Connecticut Statutes

§ 31-421 — Comptroller standard of care.

Connecticut·Title 31 Labor·Ch. 574 Connecticut Retirement Security Authority. Connecticut Retirement Security Exchange

(a)The Comptroller, in conducting the business of the program shall act:

(1)With the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with like aims;

(2)solely in the interests of the program's participants and beneficiaries;

(3)for the exclusive purposes of providing benefits to participants and beneficiaries and defraying reasonable expenses of administering the program; and (4) in accordance with the provisions of section 31-71e, and sections 31-417 to 31-427, inclusive, and any other applicable sections of the general statutes.

(b)The Comptroller shall, to the extent reasonable and practicable, require any vendors

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(a) The Comptroller, in conducting the business of the program shall act: (1) With the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with like aims; (2) solely in the interests of the program's participants and beneficiaries; (3) for the exclusive purposes of providing benefits to participants and beneficiaries and defraying reasonable expenses of administering the program; and (4) in accordance with the provisions of section 31-71e, and sections 31-417 to 31-427, inclusive, and any other applicable sections of the general statutes. (b) The Comptroller shall, to the extent reasonable and practicable, require any vendors engaged or appointed by the Comptroller to abide by the standard of care described in subsection (a) of this section.

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Legislative History

(P.A. 16-29, S. 6; May Sp. Sess. P.A. 16-3, S. 100, 207; P.A. 22-118, S. 101.) History: P.A. 16-29 effective May 27, 2016; May Sp. Sess. P.A. 16-3 changed effective date of P.A. 16-29, S. 6, from May 27, 2016, to January 1, 2017, effective June 2, 2016, and amended Subsec. (b) by replacing “agents” with “vendors”, effective January 1, 2017; P.A. 22-118 replaced references to Connecticut Retirement Security Authority board of directors with the Comptroller, effective July 1, 2022.