19-3-2103. Legislative intent. It is the intent of the legislature that, in implementing and administering the defined contribution plan:
(1) changes to current administrative processes and the impact of those changes on employers be minimized to the extent possible;
(2) the administrative structure for the plan be configured in an economical and efficient manner;
(3) administration and services for the plan be contracted out to the extent possible, but that the board provide for the diligent oversight of the contracts;
(4) reasonable member services be provided for and that fees be commensurate with the services;
(5) lines of communication and responsibilities be clearly established so that employers or their personnel and payroll officers do not advise members about plan choices or investment alternatives; and
(6) employers be encouraged to provide paid time for members to attend educational programs sponsored by the board pursuant to 19-3-112.
History: En. Sec. 44, Ch. 471, L. 1999; amd. Sec. 43, Ch. 429, L. 2003.