2019 Connecticut General Statutes
Title 31 - Labor
Chapter 574 - Connecticut Retirement Security Authority. Connecticut Retirement Security Exchange
Section 31-423 - Investment vehicles. Vendor selection.
(a) The Connecticut Retirement Security Authority shall provide for each participant's account to be invested in (1) an age-appropriate target date fund with the vendor selected by the participant, except as provided in subsection (b) of this section, or (2) such other investment vehicles as the authority may prescribe.
(b) If a participant does not affirmatively select a specific vendor or investment option within the program, such participant's contribution shall be invested in an age-appropriate target date fund that most closely matches the participant's normal retirement age, rotationally assigned by the program.
(P.A. 16-29, S. 8; May Sp. Sess. P.A. 16-3, S. 102, 207.)
History: P.A. 16-29 effective May 27, 2016; May Sp. Sess. P.A. 16-3 changed effective date of P.A. 16-29, S. 8, from May 27, 2016, to January 1, 2017, effective June 2, 2016, and designated existing provisions re investment of participant's account as Subsec. (a) and amended same to add provision re participant to select vendor and added Subsec. (b) re investment of contribution if participant does not select specific vendor or investment option, effective January 1, 2017.
