PA 15-43—SB 849
Government Administration and Elections Committee
AN ACT CONCERNING THE DISCLOSURE OF LEASES OR CONTRACTS WITH QUASI-PUBLIC AGENCIES AND THE NAMES OF SECURITIES IN STATEMENTS OF FINANCIAL INTEREST
SUMMARY: This act requires people who must file a statement of financial interests (SFI) with the Office of State Ethics to include in the SFI leases or contracts that they, their spouses, dependent children residing with the filer, or an associated business hold or have entered into with a quasi-public agency. Under prior law, this requirement applied to leases or contracts with state agencies only. By law, an associated business is any business entity in which a public official, state employee, or immediate family member is a director, officer, owner, limited or general partner, trust beneficiary, or a stockholder with 5% or more of the total outstanding stock in any class. Associated businesses do not include nonprofit entities for which the person is an unpaid officer or director (CGS § 1-79(2)).
The act also modifies the SFI disclosure requirements for certain securities. Under prior law, SFI filers had to disclose the names of all securities with a fair market value exceeding $5,000 that they, their spouses, or dependent children owned, or that were held in the name of a corporation, partnership, or trust for the benefit of these individuals. The act eliminates this requirement for securities that are held within (1) a retirement savings plan under Section 401 of the federal Internal Revenue Code (IRC), (2) a payroll deduction individual retirement account plan under IRC Sections 408 or 408A, (3) a governmental deferred compensation plan under IRC Section 457, or (4) an education savings plan under IRC Section 529. It instead requires the filer to disclose only the name of the applicable plan holding these securities.
By law, a person must file an SFI if he or she is, among other things, a (1) statewide elected officer, legislator, department head or deputy department head, member or director of a quasi-public agency, member of the Investment Advisory Council, or state marshal; (2) member of the Executive Department designated by the governor; or (3) quasi-public agency employee designated by the governor. The SFIs must be filed annually by May 1.
EFFECTIVE DATE: January 1, 2016
OLR Tracking: TA; JKL; PF; BS