Connecticut Seal

General Assembly

 

Raised Bill No. 652

February Session, 2008

 

LCO No. 3039

 

*_____SB00652CE_APP031408____*

Referred to Committee on Commerce

 

Introduced by:

 

(CE)

 

AN ACT CONCERNING SMALL BUSINESS RETIREMENT PLANS.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. (NEW) (Effective from passage) (a) As used in this section, "small employer" shall have the same meaning as in the Employee Retirement Income Security Act of 1974 (ERISA), as amended.

(b) The Comptroller shall establish a tax-qualified defined contribution retirement program to provide retirement investment plans, including, but not limited to, those created under Section 401 of the Internal Revenue Code, of 1986, or any subsequent corresponding internal revenue code of the United States, as from time to time amended to self-employed individuals, small employers and organizations qualifying as tax-exempt pursuant to Section 501(c)(3) of said Internal Revenue Code. In administering such plan, the Comptroller shall seek to minimize costs by helping small employers and individuals purchase retirement savings plans, arrangements and investments through economies of scale, standardization and other measures.

(c) In carrying out the provisions of this section, the Comptroller may contract with a third-party administrator for the management of such plan or plans and may recover from program assets expenses incurred to initiate, operate and administer the program established pursuant to subsection (a) of this section.

This act shall take effect as follows and shall amend the following sections:

Section 1

from passage

New section

CE

Joint Favorable C/R

APP