(a)(1) Not later than January 1, 2018, and annually thereafter, each qualified employer shall provide each of its covered employees with the informational materials prepared by the Comptroller pursuant to § 31-419. For any employee of a qualified employer who (A) is hired on or after January 1, 2018, or (B) does not meet the definition of covered employee pursuant to § 31-416, such qualified employer shall provide such informational materials to such employee not later than thirty days, or such other time period as prescribed by the Comptroller, after (i) the date of such employee’s hiring, or (ii) the date such employee meets the definition of covered employee pursuant to § 31-416.

(2) Not later than sixty days after a qualified employer provides informational materials to a covered employee in accordance with subsection (a) of this section, or such other time period as prescribed by the Comptroller, and subject to the provisions of subdivision (3) of this subsection, such qualified employer shall automatically enroll each of its covered employees in the program at the participant’s contribution level in accordance with the provisions of § 31-71j.

(3) A covered employee may opt out of the program by electing a contribution level of zero.

(4) (A) A qualified employer that (i) maintains a retirement plan or retirement arrangement described under Section 219(g)(5) of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time, or (ii) any other retirement arrangement approved by the Comptroller, shall be exempt from the requirements of subdivisions (1) and (2) of this subsection.

(B) A qualified employer shall not be considered to maintain a retirement plan or retirement arrangement described under said Section 219(g)(5) or any other retirement arrangement approved by the Comptroller pursuant to subparagraph (A) of this subdivision, if the Comptroller determines that (i) as of the first day of the previous calendar year, no new participant was eligible to be enrolled in a retirement plan or retirement arrangement maintained by such qualified employer, and (ii) on and after the first day of the previous calendar year, no contributions were made to such retirement plan or retirement arrangement by or on behalf of a participant in such plan or arrangement.

(5) The Comptroller may defer the effective date of the program, in whole or in part, and for particular categories of employers, as the Comptroller deems necessary to effectuate the purposes of § 31-71e, and sections 31-417 to 31-427, inclusive, in a manner that minimizes the disruption and burdens that may exist for any qualified employer. The Comptroller shall provide notice of any deferment of the effective date of the program to the chairpersons and ranking members of the joint standing committee of the General Assembly having cognizance of matters relating to labor not later than seven days after the Comptroller has deemed such deferment necessary. Such notice shall include the categories of employers affected, the purpose for which the deferment was granted and the new effective date of the program.

(b) A private employer with four employees or fewer may make the program available to its employees subject to such regulations as may be adopted by the Comptroller, in accordance with the provisions of chapter 54. No such employer shall require any employee to enroll in the program.

(c) Any individual who is not enrolled in the program pursuant to subsection (a) of this section may participate in the program at any time subject to such regulations as the Comptroller may adopt, in accordance with the provisions of chapter 54. The Comptroller shall provide the informational materials described in § 31-419 to any such individual at or before the time of such individual’s enrollment in the program.

(d) To the extent permitted under the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time, the Comptroller shall allow any individual to establish or contribute to an individual retirement account maintained for such individual under the program by rolling over funds from an existing retirement savings account of the individual.

(e) A qualified employer that withholds a contribution from a covered employee’s compensation in connection with the program shall transmit such contribution on the earliest date the amount withheld from the covered employee’s compensation can be transmitted, but not later than ten business days following the date upon which the covered employee’s contribution amounts were withheld from his or her paycheck.

(f) No employer shall be permitted to make a contribution to the program.

(g) The Comptroller shall disseminate information concerning the tax credits that may be available to small business owners for establishing new retirement plans.