§ 20-1411 Information and disclaimers to covered employees, other eligible individuals, and participants.
AC § 20-1411
In addition to any other information or disclaimers that the board deems appropriate in furtherance of this chapter, the board shall make available to covered employees, other eligible individuals, and participants: a. the following information in plain language and in the designated citywide languages, as defined in section 23-1101: 1. The benefits and risks associated with enrolling in the retirement savings program; 2. Any applicable procedures regarding contributions to the retirement savings program and procedures regarding opting out of such program; 3. Any applicable procedures regarding increasing or decreasing the rate or amount of contribution; 4. Options and processes for withdrawing account balances; 5. Any applicable procedures regarding obtaining additional information about the retirement savings program; 6. Any applicable procedures regarding making complaints about non-compliance by covered employers or other concerns regarding the program; 7. Information regarding the right of covered employees, other eligible individuals, and participants to seek financial advice concerning retirement savings from financial advisers, tax advisers, or other qualified individuals; and 8. Fund profiles, including fees, for each of the available investment options; and b. the following disclaimers in plain language and in the designated citywide languages, as defined in section 23-1101: 1. Participating employers, the retirement savings board and its members, the comptroller, and the city and its representatives are not authorized to provide financial advice; 2. The program is not an employee benefit plan under the employee retirement income security act of 1974; 3. Participating employers, the retirement savings board and its members, the comptroller, and the city and its representatives are not liable for any loss incurred by a participant, as a result of participating in the retirement savings program; 4. Participating employers, the retirement savings board and its members, the comptroller, and the city and its representatives will not monitor and are not obliged to monitor any participant's eligibility under the internal revenue code to make contributions to an IRA; and 5. Neither the program, the principal investment, any return on investment nor any interest rate is guaranteed by participating employers, the retirement savings board or its members, the comptroller, or the city or its representatives except as otherwise required by federal or state law. (L.L. 2021/051, 5/11/2021, eff. 8/9/2021)
