Sec. 5-264c. Treatment of funds deposited in dependent care spending account program.
Sec. 5-264c. Treatment of funds deposited in dependent care spending account
program. All funds deposited in this program pursuant to section 5-264b shall be held
by the Comptroller or by a program administrator as agent for the participating employer.
Such funds shall be separately accounted for and shall remain the property of the employer. All payments from such account shall be made in accordance with the applicable
sections of the Internal Revenue Code of 1986 and the regulations adopted pursuant to
said section. All funds deposited in this program shall be exempt from the provisions
of chapter 66 concerning additional employee contributions under the tier I retirement
plan and additional hazardous duty employee contributions.
(P.A. 90-296, S. 2, 4; P.A. 95-212, S. 5, 7.)
History: P.A. 95-212 substituted Comptroller for Department of Administrative Services, effective July 1, 1995.