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Fiduciary/Best Interest Development
- Connecticut HB 7161 “An Act Requiring Administrators of Certain Retirement Plans to Disclose
conflicts of Interest” went into effect on October 1, 2017.
- On January 1, 2019, any company that administers a retirement plan offered by a political subdivision of the state will have to disclose: “(1) The fee ratio and return, net of fees, for each investment under the retirement plan, and (2) the fees paid to any person who, for compensation, engages in the business of providing investment advice to participants in the retirement plan either directly or through publications or writings.”
- The law applies to any person that: (1) enters into a contract or agreement with a 403(b) plan not regulated under ERISA to provide services to the plan; and (2) reasonably expects to receive $1,000 or more in direct or indirect compensation for such services.
Text of HB 7161