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Regulations of Connecticut State Agencies (Last Updated: June 14,2023) |
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Title31 Labor |
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SubTitle31-424. Connecticut Retirement Security Program |
| Sec. 31-424-1. Distribution of funds |
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Latest version.
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(a) As used in this section: (1) “Participant” has the same meaning as provided in section 31-416 of the Connecticut General Statutes; (2) “Program” has the same meaning as provided in section 31-416 of the Connecticut General Statutes; and (3) “Program administrator” means the third-party administrator selected by the Comptroller to assist in carrying out the requirements of sections 31-416 to 31-429, inclusive, of the Connecticut General Statutes. (b) A participant may request a distribution of all or a portion of the funds from the participant’s individual retirement account maintained through the program, as permitted or required by the program and any applicable provisions of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time, at any time by mailing a request to the program administrator on such form or forms as prescribed by the program administrator. A participant may also request such a distribution by phone or online in such manner as prescribed by the program administrator. (c) Distributions may be subject to state and federal income tax obligations and penalties for early withdrawal. |
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(Effective March 8, 2023) |