(a) On or after January 1, 2019, 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: (1) The fee ratio and return, net of fees, for each investment under the retirement plan, and (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. Such disclosures shall be made upon initial enrollment in the retirement plan and at least annually thereafter. 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 of the general statutes.

(b) Any such company shall be deemed to comply with the requirements of subsection (a) 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.

(P.A. 17-142, S. 1; 17-236, S. 22.)

History: P.A. 17-236 designated existing provisions re disclosures by company that administers retirement plan offered by political subdivision of the state to employees and added Subsec. (b) re company deemed to comply with requirements of Subsec. (a) if company adheres to other disclosure requirements.