Amendment AA1-SB70

SB70-AA1,6 Section 6. 49.1635 (2) of the statutes is repealed.

SB70-AA1,7 Section 7. 49.1635 (3) of the statutes is repealed.

SB70-AA1,8 Section 8. 49.1635 (4) of the statutes is repealed.

SB70-AA1,9 Section 9. 49.1635 (5) (a) of the statutes is renumbered 49.1635 (1m) and amended to read:

SB70-AA1,21,2 49.1635 (1m) From the allocation under s. 49.175 (1) (j), the department shall make a grant of $500,000 $1,000,000 in each fiscal year to Wisconsin Trust Account Foundation, Inc., for distribution of annual awards of not more than $75,000 per year per program to programs that provide legal services to persons who are eligible under par. (b) 2. sub. (2m) (b) if all of the following apply:

SB70-AA1,21,6 (a) Wisconsin Trust Account Foundation, Inc., submits a plan to the department detailing the proposed use of the grant; the proposed use of the grant conforms to the requirements under par. (b) sub. (2m); and the secretary of the department, or his or her designee, approves the plan.

SB70-AA1,21,10 (b) Wisconsin Trust Account Foundation, Inc., enters into an agreement with the department that specifies the conditions for the use of the grant proceeds, and the conditions conform to the requirements under par. (b) sub. (2m) and include training, reporting, and auditing requirements.

SB70-AA1,21,13 (c) Wisconsin Trust Account Foundation, Inc., agrees in writing to submit to the department the reports required under par. (c) sub. (3m) by the times required under par. (c) sub. (3m).

SB70-AA1,10 Section 10. 49.1635 (5) (b) of the statutes is renumbered 49.1635 (2m), and 49.1635 (2m) (a), as renumbered, is amended to read:

SB70-AA1,21,18 49.1635 (2m) (a) Subject to subd. 3. par. (c), the grant may be used only to provide legal services in civil matters related to eviction, domestic abuse, or sexual abuse, or to restraining orders or injunctions for individuals at risk under s. 813.123.

SB70-AA1,11 Section 11. 49.1635 (5) (c) of the statutes is renumbered 49.1635 (3m) and amended to read:

SB70-AA1,22,4 49.1635 (3m) For each fiscal year in which the department makes a grant under this subsection section, Wisconsin Trust Account Foundation, Inc., shall submit to the department, within 3 months after spending the full amount of that grant, a report detailing how the grant proceeds were used. The department may not make a grant in a subsequent fiscal year unless Wisconsin Trust Account Foundation, Inc., submits the report under this paragraph subsection within the time required and the department determines that the grant proceeds were used in accordance with the approved plan under par. (a) 1. sub. (1m) (a), the agreement under par. (a) 2. sub. (1m) (b), and the requirements under par. (b) sub. (2m).

SB70-AA1,12 Section 12. 49.175 (1) (j) of the statutes is amended to read:

SB70-AA1,22,9 49.175 (1) (j) Grants for providing civil legal services. For the grants under s. 49.1635 (5) to Wisconsin Trust Account Foundation, Inc., for distribution to programs that provide civil legal services to low-income families, $500,000 $1,000,000 in each fiscal year.”.

SB70-AA1,22,10 109. Page 374, line 11: after that line insert:

SB70-AA1,22,11 “ Section 1. 49.775 (4) of the statutes is amended to read:

SB70-AA1,22,16 49.775 (4) Payment amount. The payment under sub. (2) is $250 per month for one dependent child and $150 per month for each additional dependent child, except that beginning in the 2023-24 fiscal year, the payment under sub. (2) is $300 per month for one dependent child and $180 per month for each additional dependent child.”.

SB70-AA1,22,17 110. Page 374, line 11: after that line insert:

SB70-AA1,22,18 “ Section 9101. Nonstatutory provisions; Administration.

SB70-AA1,22,24 (7e) Homeless case management grant program. The authorized FTE positions for the department of administration are increased by 3.0 GPR positions to administer affordable workforce housing grants, municipal home rehabilitation grants, whole-home upgrade grants, and rental housing safety grants and by 2.0 GPR positions to administer, all to be funded from the appropriation under s. 20.505 (7) (a).

SB70-AA1,9201 Section 9201. Fiscal changes; Administration.

SB70-AA1,23,5 (7e) Homeless case management grant program. In the schedule under s. 20.005 (3) for the appropriation to the department of administration under s. 20.505 (7) (a), the dollar amount for fiscal year 2023-24 is increased by $363,100 and the dollar amount for fiscal year 2024-25 is increased by $484,100.”.

SB70-AA1,23,6 111. Page 374, line 11: after that line insert:

SB70-AA1,23,7 “ Section 13. 71.07 (6e) (a) 2. b. of the statutes is amended to read:

SB70-AA1,23,15 71.07 (6e) (a) 2. b. An individual who had served on active duty under honorable conditions in the U.S. armed forces or in forces incorporated as part of the U.S. armed forces; who was a resident of this state at the time of entry into that active service or who had been a resident of this state for any consecutive 5-year period after entry into that active duty service; who was a resident of this state at the time of his or her death; and who had either a service-connected disability rating of 100 at least 70 percent under 38 USC 1114 or 1134 or a 100 percent disability rating based on individual unemployability.

SB70-AA1,14 Section 14. 71.07 (6e) (a) 3. d. of the statutes is amended to read:

SB70-AA1,23,19 71.07 (6e) (a) 3. d. Has either a service-connected disability rating of 100 at least 70 percent under 38 USC 1114 or 1134 or a 100 percent disability rating based on individual unemployability.

SB70-AA1,15 Section 15. 71.07 (6e) (c) 4. of the statutes is created to read:

SB70-AA1,23,23 71.07 (6e) (c) 4. If a service-connected disability rating is less than 100 percent, the amount that the claimant may claim under this subsection shall be multiplied by a percentage that equals that service-connected disability rating.

SB70-AA1,9337 Section 9337. Initial applicability; Revenue.

SB70-AA1,24,3 (1s) Veterans property tax credit expansion. The treatment of s. 71.07 (6e) (a) 2. b. and 3. d. and (c) 4. first applies to taxable years beginning after December 31, 2022.”.

SB70-AA1,24,4 112. Page 374, line 11: after that line insert:

SB70-AA1,24,5 “ Section 16. 15.185 (6) of the statutes is created to read:

SB70-AA1,24,9 15.185 (6) Small business retirement savings board. (a) There is created a small business retirement savings board that is attached to the department of financial institutions under s. 15.03. The board shall consist of the following members:

SB70-AA1,24,10 1. The secretary of financial institutions or his or her designee.

SB70-AA1,24,13 2. One member who has a favorable reputation for skill, knowledge, and experience in the field of retirement saving and investments, appointed by the governor.

SB70-AA1,24,15 3. One member who has a favorable reputation for skill, knowledge, and experience relating to small business, appointed by the governor.

SB70-AA1,24,19 4. One member who is a representative of an association representing employees or who has a favorable reputation for skill, knowledge, and experience in the interests of employees in retirement saving, appointed by the speaker of the assembly.

SB70-AA1,24,22 5. One member who has a favorable reputation for skill, knowledge, and experience in the interests of employers in retirement saving, appointed by the president of the senate.

SB70-AA1,25,3 6. One member who has a favorable reputation for skill, knowledge, and experience in retirement investment products or retirement plan designs, appointed by the secretary of financial institutions.

SB70-AA1,25,4 7. One member appointed by the investment board.

SB70-AA1,25,5 (b) The members under par. (a) 2. to 7. shall be appointed for 4-year terms.

SB70-AA1,17 Section 17. 16.705 (1b) (d) of the statutes is amended to read:

SB70-AA1,25,8 16.705 (1b) (d) The department of financial institutions under s. 224.51 or the small business retirement savings board under s. 224.56.

SB70-AA1,18 Section 18. 16.71 (5r) of the statutes is amended to read:

SB70-AA1,25,12 16.71 (5r) The department shall delegate authority to the department of financial institutions to enter into vendor contracts under s. 224.51 and to the small business retirement savings board to enter into vendor contracts under s. 224.56.

SB70-AA1,19 Section 19. 20.144 (4) (title) of the statutes is created to read:

SB70-AA1,25,14 20.144 (4) (title) Small business retirement savings program.

SB70-AA1,20 Section 20. 20.144 (4) (a) of the statutes is created to read:

SB70-AA1,25,17 20.144 (4) (a) General program operations. The amounts in the schedule for the small business retirement savings program under s. 224.56.

SB70-AA1,21 Section 21. 20.144 (4) (g) of the statutes is created to read:

SB70-AA1,25,21 20.144 (4) (g) Program operations; other funds. All moneys received for the small business retirement savings program under s. 224.56, for the purposes for which received.

SB70-AA1,22 Section 22. 224.56 of the statutes is created to read:

SB70-AA1,25,24 224.56 Small business retirement savings program. (1) Definitions. In this section:

SB70-AA1,26,2 (a) “Account" means a retirement savings account established for an eligible employee under the program under this section.

SB70-AA1,26,3 (b) “Board" means the small business retirement savings board.

SB70-AA1,26,5 (c) “Eligible employee” means an individual who resides in this state and who is any of the following:

SB70-AA1,26,7 1. Employed by a private employer that does not offer a retirement savings plan.

SB70-AA1,26,9 2. Employed by a private employer and not eligible to participate in a retirement savings plan offered by the private employer.

SB70-AA1,26,11 (d) “Investment administrator” means the vendor with which the board has contracted under sub. (2) (b).

SB70-AA1,26,13 (e) “Participating employer” means a private employer that qualifies for and has elected to participate in the program as provided in sub. (4) (a).

SB70-AA1,26,14 (f) “Roth IRA” has the meaning given in 26 USC 408A (b).

SB70-AA1,26,16 (g) “Traditional IRA” means an individual retirement account under 26 USC 408.

SB70-AA1,26,19 (2) Establishment of program. (a) Subject to par. (b), the board shall establish and oversee a small business retirement savings program that meets the requirements specified in this section.

SB70-AA1,26,22 (b) After soliciting competitive sealed proposals under s. 16.75 (2m), the board shall select and contract with a vendor to provide the following services in administering the small business retirement savings program:

SB70-AA1,26,23 1. Investment services.

SB70-AA1,26,24 2. Accounting and record-keeping services.

SB70-AA1,26,25 3. Any other professional services considered necessary by the board.

SB70-AA1,27,2 (3) General program requirements. The board shall design the program under this section so that it meets all of the following requirements:

SB70-AA1,27,6 (a) The program allows eligible employees to contribute to their accounts through payroll deductions and requires participating employers to withhold from employees' wages, through payroll deductions, employees' account contributions and remit those contributions directly to the investment administrator.

SB70-AA1,27,10 (b) Subject to the record-keeping requirement under sub. (6) (b), the program allows the investment administrator to pool accounts for investment purposes and designates the investment administrator as the trustee of account contributions and earnings.

SB70-AA1,27,13 (c) The administrative costs of the program are low, and the fee that the investment administrator may charge an eligible employee is limited to a fixed monthly fee in an amount approved by the board.

SB70-AA1,27,15 (d) The program does not require an eligible employee to maintain a minimum account balance if the employee makes contributions to the account each pay period.

SB70-AA1,27,18 (e) The program allows account consolidation and roll over, including roll over to a retirement savings option not part of the program to the extent allowed under the Internal Revenue Code.

SB70-AA1,27,21 (f) The program allows an eligible employee who has established an account to continue the account after separating from employment with a participating employer if the account is maintained with a positive balance.

SB70-AA1,28,2 (g) The program incorporates maximum contribution limits established by the board in accordance with the Internal Revenue Code contribution limits for Roth IRAs, separately and in combination with traditional IRAs, as well as any similar contribution limit for account types other than a Roth IRA if the account type is offered under sub. (5) (a) 2.

SB70-AA1,28,4 (4) Participating employers; eligible employees. (a) A private employer may participate in the program under this section if all of the following apply:

SB70-AA1,28,5 1. The employer does not offer a retirement savings plan to all employees.

SB70-AA1,28,9 2. The employer provides notice to the board, in the form and manner prescribed by the board, of the employer's election to participate in the program and the employer certifies that, on the date of this notice, the employer had 50 or fewer employees.

SB70-AA1,28,10 3. The employer has at least one employee who is a resident of this state.

SB70-AA1,28,16 (b) After a private employer has elected under par. (a) to participate in the program, the employer shall provide notice to each of its eligible employees of the eligible employee's right to decline participation in the program. After providing this notice, the employer shall enroll the eligible employee in the program unless the eligible employee informs the employer of the eligible employee's decision not to participate in the program.

SB70-AA1,28,19 (5) Specific program requirements. (a) 1. Except as provided in subd. 2., the program under this section shall provide for an eligible employee who has enrolled in the program to make contributions to a Roth IRA account.

SB70-AA1,28,23 2. The program may also offer options for account types other than a Roth IRA, and if other options are offered, the program shall allow an enrolled eligible employee to select any of these other account types for investing contributions under the program.

SB70-AA1,29,3 (b) 1. The program under this section shall provide an eligible employee who has enrolled in the program with at least 5 investment options within each account type, including all of the following investment options:

SB70-AA1,29,4 a. A stable value or capital preservation fund.

SB70-AA1,29,6 b. A target date index fund or age-based fund that automatically rebalances asset allocations based on the eligible employee's age.

SB70-AA1,29,7 c. A low-cost fund focused on income generation.

SB70-AA1,29,8 d. A low-cost fund focused on asset growth.

SB70-AA1,29,9 e. A low-cost fund focused on balancing risk and return.