(a) There is established the Connecticut Retirement Security Exchange the purpose of which shall be to promote and enhance retirement savings for private sector employees in the state. The board of directors of the Connecticut Retirement Security Authority may:

(1) Adopt bylaws for the regulation of the affairs of the board and the conduct of its business;

(2) Adopt an official seal and alter the same at the pleasure of the board;

(3) Maintain an office at such place or places in the state as the board may designate;

(4) Sue and be sued in its own name;

(5) Establish criteria and guidelines for the program to offer qualified retirement investment choices that shall be offered by multiple vendors as selected by the authority. Such criteria and guidelines shall establish a cap on total annual fees and shall provide participants with information regarding each retirement investment choice's historical investment performance;

(6) Receive and invest moneys in the program in any instruments, obligations, securities or property in accordance with section 31-423;

(7) Contract with financial institutions or other organizations offering or servicing retirement programs. The authority may require that each participant be charged a fee to defray the costs of the program. The amount and method of collection of such fee shall be determined by the authority. No employer shall be required to fund or be responsible for collecting fees from plan participants;

(8) Employ such employees as may be necessary in the board's judgment, and to fix the compensation of such persons;

(9) Charge and equitably apportion among participants the administrative costs and expenses incurred in the exercise of the board's powers and duties as granted by this section;

(10) Borrow working capital funds and other funds as may be necessary for the start-up and continuing operation of the program, provided such funds are borrowed in the name of the authority only. Such borrowings shall be payable solely from revenues of the authority;

(11) Make and enter into contracts or agreements with the state and any instrumentalities thereof and professional service providers, including, but not limited to, financial consultants and lawyers, as may be necessary or incidental to the performance of the board's duties and the execution of its powers under this section;

(12) Establish policies and procedures for the protection of program participants' personal and confidential information; and

(13) Do all things necessary or convenient to carry out the provisions of section 31-71e, sections 31-417 to 31-427, inclusive, and section 12 of public act 16-29*.

(b) The board of directors of the Connecticut Retirement Security Authority shall enter into memoranda of understanding with the Labor Department and other state agencies regarding (1) the gathering or dissemination of information necessary for the operations of the program, subject to such obligations of confidentiality as may be agreed or required by law, (2) the sharing of costs incurred pursuant to the gathering and dissemination of such information, and (3) the reimbursement of costs for any enforcement activities conducted pursuant to section 31-425. Each state agency may also enter into such memoranda of understanding.

(P.A. 16-29, S. 3; May Sp. Sess. P.A. 16-3, S. 97, 207.)

*Note: Section 12 of public act 16-29 is special in nature and therefore has not been codified but remains in full force and effect according to its terms.

History: P.A. 16-29 effective May 27, 2016; May Sp. Sess. P.A. 16-3 changed effective date of P.A. 16-29, S. 3, from May 27, 2016, to January 1, 2017, effective June 2, 2016, and amended Subsec. (a) by replacing “Connecticut Retirement Security Program” with “Connecticut Retirement Security Exchange”, amended Subsec. (a)(5) by replacing provision re retirement programs to be offered with provisions re program to offer qualified retirement investment choices, cap on annual fees and information to be provided to participants, amended Subsec. (a)(8) by replacing “attorneys, accountants, consultants, financial experts, loan processors, banks, managers and such other employees and agents” with “such employees”, amended Subsec. (a)(11) by adding “the state and any instrumentalities thereof”, and made a technical change, effective January 1, 2017.