Adm 95.12(1)(e)
(e) Have membership in good standing by the program administrator or the manager of any investment options offered in an organization customary in the program administrator's or investment manager's industry that provides protection against loss.
Adm 95.12(1)(f)
(f) Have no litigation risks or involvement in pending regulatory action deemed by the department or the department to be material to the continued operations of the program administrator.
Adm 95.12(2)
(2) The department shall consider the financial strength of a program administrator or an entity affiliated with the program administrator for purposes of operating a program, on the basis of its net worth and the ratio of net worth to present or projected assets under management.
Adm 95.12 History
History: CR 01-123: cr.
Register May 2002 No. 557, eff. 6-1-02; corrections in (1) (intro.), (b) 3., (f), (2) made under s.
13.92 (4) b) 6., Stats.,
Register December 2015 No. 720.
Adm 95.13(1)(1)
A program administrator awarded a contract to provide a length of service award program shall sign a contract with the department in which the program administrator agrees to do all of the following:
Adm 95.13(1)(a)
(a) Comply with all statutes, rules, and regulations governing the program and share pertinent information, such as municipal contributions and state matching funds, with the department and any other program administrator under contract with the department to ensure compliance with the state and federal law and regulations.
Adm 95.13(1)(d)
(d) At least annually, provide full disclosure to the department of all fees and commissions earned directly or indirectly on operations of the program by the program administrator, and other financial information relative to a VFF-EMT account maintained by a program administrator, including municipal and state contributions, forfeitures, and disbursements.
Adm 95.13(1)(e)
(e) Provide, at the program administrator's expense, an annual independently audited financial statement of the affiliated entity providing the investment or insurance plan to a participating municipality under the program to the department within 120 days following the end of each calendar year.
Adm 95.13(1)(f)
(f) Submit to the department an acceptable contingency plan to address both data processing systems failures and administrative service interruptions.
Adm 95.13(1)(g)
(g) Upon request, provide a copy of the fund prospectus and annual report for each investment option offered by the program administrator to participating municipalities and enrolled VFF-EMT participants.
Adm 95.13(1)(h)
(h) Cooperate with other program administrators to provide for service credit portability between program administrators under s.
Adm 95.09.
Adm 95.13(1)(i)
(i) At least annually, provide statements to participating municipalities and enrolled VFF-EMT participants detailing contributions made on behalf of a VFF-EMT by a participating municipality, account balance information, and disclosure of all fees, commissions, and charges affecting that account's earnings or balances.
Adm 95.13(1)(j)
(j) Provide an annual report to all participating municipalities, VFF-EMT participants and the department illustrating the investment performance of all investment options offered.
Adm 95.13(1)(k)
(k) Cooperate with any successor program administrator, including extending the term of the contract for a reasonable period of time as may be necessary, to ensure a smooth transition of program administrators.
Adm 95.13(1)(L)
(L) Provide opinions of tax counsel or other legal counsel to the department as necessary.
Adm 95.13(1)(m)
(m) Provide a set of procedures to the department and participating municipalities under contract with the program administrator, detailing the steps that a participating municipality must take when terminating its participation in the program.
Adm 95.13(2)
(2) The program administrator, its agents, and the investment options offered, shall meet all applicable state and federal laws, rules and regulations including the internal revenue code, security and exchange commission regulations, and state and federal insurance laws and regulations.
Adm 95.13 History
History: CR 01-123: cr.
Register May 2002 No. 557, eff. 6-1-02; corrections in (1) (intro.), (a), (c), (f), (j), (L), (m) made under s.
13.92 (4) (b) 6., Stats., corrections in (1) (b), (c), (h) made under s.
13.92 (4) (b) 7., Stats.,
Register December 2015 No. 720.
Adm 95.14
Adm 95.14
Participating municipality obligations. Adm 95.14(1)(1)
In fulfillment of its responsibility as a fiduciary of the program, a participating municipality shall review information provided by the program administrator including the mandatory disclosures described in s.
Adm 95.12 (1) (b) 2. Adm 95.14(2)
(2) A participating municipality shall sign a contract with the program administrator for program services provided under s.16.25, Stats., and ch.
Adm 95.
Adm 95.14(3)
(3) A participating municipality shall sign a memorandum of understanding with the program administrator prior to selecting any investment option offered stating that all requirements and regulations pertinent to that option have been clearly explained by that program administrator and that the participating municipality has received an explanation by the program administrator or its representatives of the mandatory disclosures described in s.
Adm 95.12 (1) (b) 2. Adm 95.14 History
History: CR 01-123: cr.
Register May 2002 No. 557, eff. 6-1-02; corrections in (1) to (3) made under s.
13.92 (4) (b) 7., Stats., December 2015 No. 720.
Adm 95.15
Adm 95.15
Program termination. A participating municipality may terminate a program by adopting and filing a resolution to that effect with the department. The department shall promptly submit a copy of the resolution to the program administrator. A termination shall comply with all applicable statutes and rules, and the requirements of the program administrator and the department. All accounts of VFF-EMT participants in a terminated program shall be treated in the same manner as accounts in a program in which the sponsoring participating municipality ceased to exist as set forth in s.
Adm 95.06 (1) (e).
Adm 95.15 History
History: CR 01-123: cr.
Register May 2002 No. 557, eff. 6-1-02; corrections made under s.
13.92 (4) (b) 6. and
7., Stats.,
Register December 2015 No. 720.
Adm 95.16(1)(1)
Protest to municipality. A VFF-EMT may protest an issue of service credit or other matter affecting the VFF-EMT's substantial interest under the program in writing to the sponsoring participating municipality. The participating municipality shall review the documentation and other submissions and make a determination in writing and return it to the protesting party within 30 days of the receipt of the written protest. The participating municipality may consult with the program administrator as required. Upon request, the department may review a participating municipality's decision.
Adm 95.16(2)
(2)
Appeal to the department. An individual who has a substantial interest affected by a department decision may appeal in writing to the department within 30 days of the receipt of the participating municipality's written determination. The department shall review the documentation and other submissions and make a determination in writing and return it to the appealing party within 90 days of the receipt of the written appeal. All decisions of the department shall be final.
Adm 95.16 History
History: CR 01-123: cr.
Register May 2002 No. 557, eff. 6-1-02; corrections in (1), (2) made under s.
13.92 (4) (b) 6., Stats.,
Register December 2015 No. 720.
