(a) The Connecticut Retirement Security Authority board of directors, in conducting the business of the authority, including its oversight functions, shall act: (1) With the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with like aims; (2) solely in the interests of the program's participants and beneficiaries; (3) for the exclusive purposes of providing benefits to participants and beneficiaries and defraying reasonable expenses of administering the program; and (4) in accordance with the provisions of section 31-71e, sections 31-417 to 31-427, inclusive, and section 12 of public act 16-29* and any other applicable sections of the general statutes.
(b) The board shall, to the extent reasonable and practicable, require any vendors engaged or appointed by the authority to abide by the standard of care described in subsection (a) of this section.
(P.A. 16-29, S. 6; May Sp. Sess. P.A. 16-3, S. 100, 207.)
*Note: Section 12 of public act 16-29 is special in nature and therefore has not been codified but remains in full force and effect according to its terms.
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. 6, from May 27, 2016, to January 1, 2017, effective June 2, 2016, and amended Subsec. (b) by replacing “agents” with “vendors”, effective January 1, 2017.