(a) On or after July 1, 2025, the State Comptroller shall create a municipal defined contribution retirement plan and prescribe the manner in which such retirement plan may be adopted by any municipality, as defined in section 7-425 . (b) Any such retirement plan shall provide that a municipality that adopts such plan shall have the option to transfer to such plan the accounts and assets of any defined contribution retirement plan previously adopted by such municipality. Payroll deductions for each member of the defined contribution plan created under this section shall be made by the appropriate municipal employer. (c) The State Comptroller shall serve as the administrator of the retirement plan created under this section. The State Comptroller may (1) enter into contractual agreements on behalf of the state with members of such plan to defer any portion of such member's compensation from the adopting municipality, (2) make deposits or payments to such plan, subject to the terms of such plan, and (3) contract with a private corporation or private institution for the provision of consolidated billing services and other administrative services for such plan.
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