Conn. Gen. Stat. § 10-183n

(b) (1) Each local treasurer or other person having custody of amounts deducted under this chapter by an employer shall transmit and report such amounts to the board so that they are received by the board no later than the fifth business day of the following month. On and after July 1, 2001, all such amounts shall be transmitted via electronic transfer of funds. If the employer deducted such amount from the member's salary but failed to remit the payment to the board, the employer shall be responsible for paying the amount deducted for the mandatory contribution plus the credited interest due from the date the payment of the mandatory contribution amount was required to be made by the employer to the date the payment was received by the board. In the event the mandatory contribution amount is not received by the board, the member shall be ineligible for the associated service credit. The board shall not be required to refund credited interest for payments made to the board before the required due date.

(2) All amounts transmitted to the board for member contributions shall at all times be the property of the system and while in the custody of such local treasurer or other person such person is a fiduciary with respect to such amounts and shall discharge a fiduciary's responsibilities solely for the benefit of the system. If such amounts are not accompanied by the reports and information deemed necessary or desirable by the board for the proper administration of the system, in accordance with subsection (a) of this section, the board may deem such amounts not received by the fifth business day of the following month for purposes of this subsection until the date on which such reports and information are received. The board shall be entitled to receive from an employer interest at the rate of nine per cent per year from the due date on all amounts deducted by such employer and not received by the board by the fifth business day of the following month. Interest at the rate of nine per cent per year shall be compounded annually on the interest assessed from the date payment is received to the date the interest assessment is paid. Such interest shall be treated as an amount earned by assets of the system.

(c) All amounts received by the board under this section shall be forwarded to the State Treasurer.

(d) Each member shall file with the board such forms, documents and information as the board deems necessary or desirable for the proper administration of the system.

Cited. 136 C. 184; 210 C. 531.