CT Gen Stat § 7-464c (2020)
2020 Connecticut General Statutes|Title 7 - Municipalities|Chapter 113 - Municipal Employees|Section 7-464c - *(See end of section for amended version and effective date.) Retirement plans offered by a political subdivision of the state. Administration. Disclosures required.

 (a) On or after January 1, 2019, any company that administers a retirement plan offered by a political subdivision of the state to the employees of such political subdivision shall disclose to each participant in such retirement plan: (1) The fee ratio and return, net of fees, for each investment under the retirement plan, and (2) the fees paid to any person who, for compensation, engages in the business of providing investment advice to participants in the retirement plan either directly or through publications or writings. Such disclosures shall be made upon initial enrollment in the retirement plan and at least annually thereafter. For the purposes of this section, “retirement plan” means any retirement plan created in accordance with the provisions of Section 403(b) of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time, that is not made available through the State Comptroller pursuant to subsection (c) of section 5-264.(b) Any such company shall be deemed to comply with the requirements of subsection (a) of this section if such company adheres to the disclosure requirements for plans governed by the Employee Retirement Income Security Act of 1974 set forth in Section 2550.404a-5 of the Code of Federal Regulations, as in effect on July 1, 2017, or as amended from time to time, provided any amended disclosure requirements are substantially similar to those in effect on July 1, 2017.(P.A. 17-142, S. 1; 17-236, S. 22.)*Note: On and after January 1, 2021, this section, as amended by section 13 of public act 19-125, is to read as follows:“Sec. 7-464c. Retirement plans offered by a political subdivision of the state. Administration. Disclosures required. (a) For the purposes of this section, “retirement plan” means any retirement plan created in accordance with the provisions of Section 403(b) of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time, that is not made available through the State Comptroller pursuant to subsection (c) of section 5-264.(b) On or after January 1, 2021, any company that administers a retirement plan offered by a political subdivision of the state to the employees of such political subdivision shall disclose to each participant in such retirement plan and the State Comptroller, in an electronic form and manner prescribed by the State Comptroller:(1) The fee ratio and return, net of fees, for each investment under the retirement plan;(2) The fees paid to any person who, for compensation, engages in the business of providing investment advice to participants in the retirement plan either directly or through publications or writings; and(3) Any other information required to be disclosed pursuant to 29 CFR 2550.404a-5 (d), as amended from time to time, if such retirement plan is a participant-directed individual account plan, as such term is used in 29 CFR 2550.404a-5.(c) Any such company shall be deemed to comply with the requirements of subsection (b) of this section if such company adheres to the disclosure requirements for plans governed by the Employee Retirement Income Security Act of 1974 set forth in Section 2550.404a-5 of the Code of Federal Regulations, as in effect on July 1, 2017, or as amended from time to time, provided any amended disclosure requirements are substantially similar to those in effect on July 1, 2017.(d) Each company that is subject to the disclosure requirements established in subsection (b) of this section shall make the disclosures required by said subsection upon initial enrollment in the retirement plan and at least annually thereafter.(e) Not later than March 1, 2022, and annually thereafter, the State Comptroller shall post, on the State Comptroller's Internet web site, each disclosure that the State Comptroller received pursuant to subsection (b) of this section on or before the January first immediately preceding for the calendar year immediately preceding.”(P.A. 17-142, S. 1; 17-236, S. 22; P.A. 19-125, S. 13.)History: P.A. 17-236 designated existing provisions re disclosures by company that administers retirement plan offered by political subdivision of the state to employees and added Subsec. (b) re company deemed to comply with requirements of Subsec. (a) if company adheres to other disclosure requirements; P.A. 19-125 added new Subsec. (a) re definition of “retirement plan”, redesignated existing Subsecs. (a) and (b) as Subsecs. (b) and (c), amended redesignated Subsec. (b) by substituting “2021” for “2019”, adding provision requiring retirement plan disclosures to State Comptroller, deleting definition of “retirement plan” and provision re annual disclosures of retirement plan in Subdiv. (2), and added Subdiv. (3) re federally required retirement plan disclosures, added Subsec. (d) re annual disclosures of retirement plan, added Subsec. (e) requiring State Comptroller to post retirement plan disclosures on State Comptroller's web site, and made conforming changes, effective January 1, 2021.