Senate Bill No. 404 Summary

• Establishes a regionalization subaccount within the regional planning incentive account, funded by revenue from Connecticut Lottery Corporation's online lottery draw games after payments to the Teachers' Retirement Fund Bonds Special Capital Reserve Fund and debt-free community college program costs.

• Directs subaccount funds to be expended only for purposes recommended by the task force established under section 4-66s, or alternatively deposits amounts from Public Act 19-117 if online lottery offerings are not established.

• Defines "designated beneficiary" as individuals born on or after July 1, 2021, whose birth was subject to HUSKY Health medical coverage for the Connecticut Baby Bond Trust program.

• Establishes eligible expenditure categories for the Baby Bond Trust: education, home purchase in Connecticut, business investment in Connecticut, or investments in financial assets or personal capital providing long-term gains to wages or wealth.

• Clarifies that teachers' retirement system members cannot simultaneously hold membership in multiple retirement systems for the same service, while allowing service credit purchases after withdrawing funds from other retirement systems (excluding Social Security or nonregular military retirement).