| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | ||
| 2 | 2 | ||
| 3 | 3 | LCO No. 1819 1 of 2 | |
| 4 | 4 | ||
| 5 | 5 | General Assembly Proposed Bill No. 620 | |
| 6 | 6 | January Session, 2025 | |
| 7 | 7 | LCO No. 1819 | |
| 8 | 8 | ||
| 9 | 9 | ||
| 10 | 10 | Referred to Committee on LABOR AND PUBLIC EMPLOYEES | |
| 11 | 11 | ||
| 12 | 12 | ||
| 13 | 13 | Introduced by: | |
| 14 | 14 | SEN. SAMPSON, 16 | |
| 15 | 15 | th Dist. | |
| 16 | 16 | ||
| 17 | 17 | ||
| 18 | 18 | ||
| 19 | 19 | ||
| 20 | 20 | ||
| 21 | 21 | AN ACT MAKING THE CONNECTICUT RETIREMENT SECURITY | |
| 22 | 22 | PROGRAM AN OPT -IN PROGRAM, ESTABLISHING THE DEFAULT | |
| 23 | 23 | CONTRIBUTION RATE AS ZERO, REQUIRING THE COMPTROLLER | |
| 24 | 24 | TO BE A LICENSED SECURITY BROKER AND PROHIBITING THE | |
| 25 | 25 | COMPTROLLER FROM SCREENING OR CHOOSING INVESTMENT | |
| 26 | 26 | VEHICLES BASED ON ANY CRITERIA OTHER THAN THE NET | |
| 27 | 27 | RETURNS TO PARTICIPANTS. | |
| 28 | 28 | Be it enacted by the Senate and House of Representatives in General | |
| 29 | 29 | Assembly convened: | |
| 30 | 30 | ||
| 31 | 31 | That chapter 574 of the general statutes be amended to (1) eliminate 1 | |
| 32 | 32 | the requirement in subdivision (2) of subsection (a) of section 31-422 of 2 | |
| 33 | 33 | the general statutes for employers to enroll covered employees in the 3 | |
| 34 | 34 | program and instead require covered employees to enroll to participate 4 | |
| 35 | 35 | in the program, (2) eliminate the penalty in subsection (c) of section 31-5 | |
| 36 | 36 | 425 of the general statutes for an employer that fails to enroll a covered 6 | |
| 37 | 37 | employee in the program, (3) amend subparagraph (B) of subdivision 7 | |
| 38 | 38 | (2) of section 31-416 of the general statutes to make the contribution level 8 | |
| 39 | 39 | zero in the absence of an affirmative election by a participant, (4) require 9 | |
| 40 | 40 | the Comptroller to be a licensed security broker, and (5) prohibit the 10 | |
| 41 | 41 | Comptroller from screening or choosing an investment vehicle based on 11 Proposed Bill No. 620 | |
| 42 | 42 | ||
| 43 | 43 | ||
| 44 | 44 | LCO No. 1819 2 of 2 | |
| 45 | 45 | ||
| 46 | 46 | any criteria other than the net returns to participants. 12 | |
| 47 | 47 | Statement of Purpose: | |
| 48 | 48 | To make various changes to the Connecticut Retirement Security | |
| 49 | 49 | Program. |