Sec. 7-464c. Retirement plans offered by a political subdivision of the state. Administration. Disclosures required.
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(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.