CT Gen Stat § 31-419 (2020)
2020 Connecticut General Statutes|Title 31 - Labor|Chapter 574 - Connecticut Retirement Security Authority. Connecticut Retirement Security Exchange|Section 31-419 - Informational materials. Individual retirement account statement. Notification of fees.

 (a) The Connecticut Retirement Security Authority board of directors shall prepare informational materials regarding the Connecticut Retirement Security Exchange for distribution by qualified employers to plan participants and prospective plan participants pursuant to section 31-422. Such informational materials shall include, but need not be limited to:(1) The benefits and risks associated with making contributions to or making withdrawals from the program;(2) The process for making contributions to the program, including a contribution election form;(3) Clear and conspicuous notice regarding the default contribution level;(4) The process by which a participant may opt out of the program by electing a contribution level of zero;(5) A description of applicable federal and state regulations, including income and contribution limits for participating in the program;(6) The process for withdrawing retirement savings from the program, including an explanation of the tax treatment of withdrawals;(7) The process by which a participant may obtain additional information on the program, including information regarding investment options available under the program; and(8) Such other information as the board may deem necessary or advisable to provide to participants, potential participants and qualified employers in the state.(b) Not less than quarterly, the board shall provide a statement to each participant that shall include, but need not be limited to, the following information:(1) The account balance in a participant's individual retirement account, including the value of the participant's investment in each investment option selected by the participant;(2) The investment options available to each participant and the process by which a participant may select investment options for his or her contributions in accordance with subsection (b) of section 31-71j or as prescribed by the authority;(3) The amount of fees charged to each participant's individual retirement account and a description of the services to which such charges relate; and(4) At the election of the board, an estimate of the amount of income the account is projected to generate for a participant's retirement based on reasonable assumptions.(c) Not less than annually, the board shall provide each participant with notification regarding fees that may be imposed through the program and information regarding the various investment options that may be available to participants. The board may provide such notification and information in the form of a prospectus or similar document.(d) The board, on behalf of the authority, may adopt policies and procedures in accordance with the provisions of section 1-121 for the electronic dissemination of any notices or information required to be provided to participants, potential participants and qualified employers pursuant to the provisions of this section.(P.A. 16-29, S. 4; May Sp. Sess. P.A. 16-3, S. 98, 207; P.A. 19-117, S. 100.)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. 4, from May 27, 2016, to January 1, 2017, effective June 2, 2016, and replaced “Connecticut Retirement Security Program” with “Connecticut Retirement Security Exchange” in Subsec. (a) and made technical changes, effective January 1, 2017; P.A. 19-117 deleted “various vendors'” in Subsec. (b)(2), effective July 1, 2019.