(a) If the board of directors of the Connecticut Retirement Security Authority, established pursuant to section 31-417, determines that the current expenses of the authority exceed the amount of available funds, the board may make a written request to the Secretary of the Office of Policy and Management for an advance, not to exceed one million dollars in total, from the General Fund to pay such expenses.
(b) If the request is approved, the Office of Policy and Management shall notify the State Treasurer and the State Comptroller of the advance amount and the State Comptroller shall draw a warrant for disbursement of such funds. The State Treasurer and the board shall determine the terms of said advance, including (1) authorized uses, and (2) the payback period, which shall not exceed ten years.
(c) The authority shall report on any advances in the annual report as required pursuant to section 31-426.
(P.A. 18-169, S. 6.)
History: P.A. 18-169 effective June 14, 2018.