Connecticut Seal

General Assembly

Amendment

 

February Session, 2008

LCO No. 5773

   
 

*SB0065205773HRO*

Offered by:

 

REP. NOUJAIM, 74th Dist.

 

To: Subst. Senate Bill No. 652

File No. 603

Cal. No. 459

In line 2, strike "hundred" and insert "thousand" in lieu thereof

After the last section, add the following and renumber sections and internal references accordingly:

"Sec. 501. (NEW) (Effective from passage) As part of the tax-qualified defined contribution retirement program established pursuant to subsection (b) of section 1 of this act, the administrator chosen pursuant to subparagraph (c) of said section 1 shall, at no cost to the employer or employees, contact in person or by telephone each employee on their own time once every three months to (1) review the performance of said employees' investments, (2) make necessary adjustments to said employees' portfolios as applicable, (3) ensure that employees are educated in understanding market fluctuations, and (4) protect the financial interests of said employees.

Sec. 502. (NEW) (Effective from passage) A small employer, as defined in subsection (a) of section 1 of this act, shall not be liable for financial losses incurred by employees through investments made pursuant to the tax-qualified defined contribution retirement program established pursuant to subsection (b) of said section 1.

Sec. 503. (NEW) (Effective from passage) At the end of each fiscal year, small employers, as defined in subsection (a) of section 1 of this act, shall evaluate their financial ability to determine whether to match employee contributions to retirement investment plans established pursuant to the tax-qualified defined contribution retirement program established pursuant to subsection (b) of said section 1. "