SB 261 — AN ACT CONCERNING STATEMENTS OF FINANCIAL INTERESTS UNDER THE STATE CODE OF ETHICS FOR PUBLIC OFFICIALS.

Senate General Assembly RaisedFile Bill No.

261251 February Session, 2024 LCOSenate Bill No.

1556261 ReferredSenate, toApril 4, 2024 The Committee on GOVERNMENTGovernment ADMINISTRATIONAdministration ANDand ELECTIONSElections Introducedreported by:through SEN.

(GAE)FLEXER ANof ACTthe CONCERNING29th STATEMENTSDist., OFChairperson FINANCIALof INTERESTSthe UNDERCommittee THEon STATEthe CODEpart OFof ETHICSthe FORSenate, PUBLICthat OFFICIALS.the bill ought to pass.

AN ACT CONCERNING STATEMENTS OF FINANCIAL INTERESTS UNDER THE STATE CODE OF ETHICS FOR PUBLIC OFFICIALS.

(a) (1) All state-wide elected officers, members of the General Assembly, department heads and their deputies, members or directors of each quasi-public agency, members of the Investment Advisory Council, members of a board, commission, committee or council within the Executive Department but excluding any member of an advisory board, and such other members of the Executive Department and such employees of quasi-public agencies as the Governor shall require, shall file electronically with the Office of State Ethics using the software created by the office, under penalty of false statement, a statement of financial interests for the preceding calendar year on or before the May firstSB261 next/ inFile anyNo. year in which they hold such an office or position.

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261251 any year, May first fallsnext onin aany weekendyear orin legalwhich holiday,they hold such statementan shalloffice beor filedposition. not later than the next business day.

If, in any year, May first falls on a weekend or legal holiday, such statement shall be filed not later than the next business day.

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261251 the2 individual,SB261 theFile individual'sNo. spouse or dependent children, individually, owed debts of more than ten thousand dollars;

251 the individual, the individual's spouse or dependent children, individually, owed debts of more than ten thousand dollars;

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251 The following Fiscal Impact Statement and Bill Analysis are prepared for the benefit of the members of the General Assembly, solely for purposes of information, summarization and explanation and do not represent the intent of the General Assembly or either chamber thereof for any purpose.

In general, fiscal impacts are based upon a variety of informational sources, including the analyst’s professional knowledge.

Whenever applicable, agency data is consulted as part of the analysis, however final products do not necessarily reflect an assessment from any specific department.

OFA Fiscal Note State Impact:

None Municipal Impact:

None Explanation This bill expands the range of public officials who must file a statement of financial interests with the Office of State Ethics (OSE) resulting in no fiscal impact to the state.

This can be implemented with existing resources.

The Out Years State Impact:

None Municipal Impact:

None SB261 / File No.

251 4 SB261 File No.

251 OLR Bill Analysis SB 261 AN ACT CONCERNING STATEMENTS OF FINANCIAL INTERESTS UNDER THE STATE CODE OF ETHICS FOR PUBLIC OFFICIALS.

SUMMARY This bill expands the range of officials who must file a statement of financial interests with the Office of State Ethics (OSE) to include members of any Executive Department board, commission, committee, or council, except advisory board members.

Current law requires all state-wide elected officers, General Assembly members, department heads and deputies, quasi-public agency members or directors, Investment Advisory Council members, and other governor-designated officials to file these statements with OSE.

Bylaw,thestatementoffinancialinterestsmustinclude,amongother things, the name of securities with a fair market value over $5,000 owned by the official or his or her spouse or dependent children, or held in the name of a corporation, partnership, or trust for their benefit.

Under the bill, if these securities are a tax-sheltered annuity retirement plan under federal tax law (e.g., a “403(b) plan”), then only the name of the retirement saving plan must be disclosed, and not the name of the securities.

Current law makes a similar allowance for other savings plans allowed under federal tax law (e.g., 401(k) retirement savings plans, 529 education savings plans).

EFFECTIVE DATE:

October 1, 2024 COMMITTEE ACTION Government Administration and Elections Committee Joint Favorable Yea 19 Nay 0 (03/15/2024) SB261 / File No.

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