Section 31-419 - Informational materials. Individual retirement account statement. Notification of fees(a) The Comptroller shall prepare informational materials regarding the Connecticut Retirement Security Program for distribution by qualified employers to plan participants and prospective plan participants pursuant to section 31-422. Such informational materials shall include, but need not be limited to: (1) The benefits and risks associated with making contributions to or making withdrawals from the program;(2) The process for making contributions to the program, including a contribution election form;(3) Clear and conspicuous notice regarding the default contribution level;(4) The process by which a participant may opt out of the program by electing a contribution level of zero;(5) A description of applicable federal and state regulations, including income and contribution limits for participating in the program;(6) The process for withdrawing retirement savings from the program, including an explanation of the tax treatment of withdrawals;(7) The process by which a participant may obtain additional information on the program, including information regarding investment options available under the program; and(8) Such other information as the Comptroller may deem necessary or advisable to provide to participants, potential participants and qualified employers in the state.(b) Not less than quarterly, the Comptroller shall provide a statement to each participant that shall include, but need not be limited to, the following information:(1) The account balance in a participant's individual retirement account, including the value of the participant's investment in each investment option selected by the participant;(2) The investment options available to each participant and the process by which a participant may select investment options for his or her contributions in accordance with subsection (b) of section 31-71j or as prescribed by the Comptroller;(3) The amount of fees charged to each participant's individual retirement account and a description of the services to which such charges relate; and(4) An estimate of the amount of income the account is projected to generate for a participant's retirement based on reasonable assumptions.(c) Not less than annually, the Comptroller shall provide each participant with notification regarding fees that may be imposed through the program and information regarding the various investment options that may be available to participants. The Comptroller may provide such notification and information in the form of a prospectus or similar document.(d) The Comptroller may adopt regulations in accordance with the provisions of chapter 54 for the electronic dissemination of any notices or information required to be provided to participants, potential participants and qualified employers pursuant to the provisions of this section.Conn. Gen. Stat. § 31-419
( P.A. 16-29 , S. 4 ; May Sp. Sess. P.A. 16-3 , S. 98 , 207 .)
Amended by P.A. 22-0118, S. 99 of the Connecticut Acts of the 2022 Regular Session, eff. 7/1/2022.Amended by P.A. 19-0117, S. 100 of the Connecticut Acts of the 2019 Regular Session, eff. 7/1/2019.Amended by P.A. 16-0003, S. 98 of the Connecticut Acts of the 2016 Special Session, eff. 1/1/2017.Added by P.A. 16-0029, S. 4 of the Connecticut Acts of the 2016 Regular Session, eff. 5/27/2016.