CT SB00901

Repeals and replaces Section 7-464c of Connecticut General Statutes, effective January 1, 2021, to govern disclosure requirements for retirement plans offered by political subdivisions to employees.

Requires companies administering Section 403(b) retirement plans to disclose to plan participants, the Insurance Commissioner, and Secretary of State: fee ratios and net returns for each investment, fees paid to investment advisors, and any other information required under 29 CFR 2550.404a-5 for participant-directed individual account plans.

Mandates disclosures be made upon initial enrollment and at least annually thereafter; companies comply if they adhere to Employee Retirement Income Security Act of 1974 disclosure requirements under 29 CFR 2550.404a-5.

Requires the Secretary of State to post all received disclosures on the state website by March 1, 2022, and annually thereafter.

Requires the Insurance Commissioner to certify annually to the State Comptroller, beginning March 1, 2022, whether each subject company complied with disclosure requirements during the preceding calendar year.