Amendment SA1-SSA2-SB70

SB70-SSA2-SA1,20,1 “ Section 4. 77.52 (2) (a) 21. of the statutes is created to read:

SB70-SSA2-SA1,20,10 77.52 (2) (a) 21. The sale of the right to access and use prewritten computer software, as defined in s. 77.51 (10r), if possession of the prewritten computer software is maintained by the seller or a 3rd party, including sales made on a per use, per user, per license, or subscription basis, or some other basis. This subdivision includes the sale of the right to access and use prewritten computer software to perform data processing and information services, regardless of whether the primary purpose of the transaction is the processed data, including check processing, image processing, form processing, survey processing, payroll processing, claim processing, and similar activities.”.

SB70-SSA2-SA1,20,11 107. Page 374, line 11: after that line insert:

SB70-SSA2-SA1,20,12 “ Section 1. 49.775 (4) of the statutes is amended to read:

SB70-SSA2-SA1,20,17 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-SSA2-SA1,20,18 108. Page 374, line 11: after that line insert:

SB70-SSA2-SA1,20,19 “ Section 9101. Nonstatutory provisions; Administration.

SB70-SSA2-SA1,21,2 (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-SSA2-SA1,9201 Section 9201. Fiscal changes; Administration.

SB70-SSA2-SA1,21,7 (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-SSA2-SA1,21,8 109. Page 374, line 11: after that line insert:

SB70-SSA2-SA1,21,9 “ Section 5. 71.07 (6e) (a) 2. b. of the statutes is amended to read:

SB70-SSA2-SA1,21,17 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-SSA2-SA1,6 Section 6. 71.07 (6e) (a) 3. d. of the statutes is amended to read:

SB70-SSA2-SA1,21,21 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-SSA2-SA1,7 Section 7. 71.07 (6e) (c) 4. of the statutes is created to read:

SB70-SSA2-SA1,22,3 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-SSA2-SA1,9337 Section 9337. Initial applicability; Revenue.

SB70-SSA2-SA1,22,7 (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-SSA2-SA1,22,8 110. Page 374, line 11: after that line insert:

SB70-SSA2-SA1,22,9 “ Section 8. 15.185 (6) of the statutes is created to read:

SB70-SSA2-SA1,22,13 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-SSA2-SA1,22,14 1. The secretary of financial institutions or his or her designee.

SB70-SSA2-SA1,22,17 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-SSA2-SA1,22,19 3. One member who has a favorable reputation for skill, knowledge, and experience relating to small business, appointed by the governor.

SB70-SSA2-SA1,22,23 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-SSA2-SA1,23,3 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-SSA2-SA1,23,6 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-SSA2-SA1,23,7 7. One member appointed by the investment board.

SB70-SSA2-SA1,23,8 (b) The members under par. (a) 2. to 7. shall be appointed for 4-year terms.

SB70-SSA2-SA1,9 Section 9. 16.705 (1b) (d) of the statutes is amended to read:

SB70-SSA2-SA1,23,11 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-SSA2-SA1,10 Section 10. 16.71 (5r) of the statutes is amended to read:

SB70-SSA2-SA1,23,15 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-SSA2-SA1,11 Section 11. 20.144 (4) (title) of the statutes is created to read:

SB70-SSA2-SA1,23,17 20.144 (4) (title) Small business retirement savings program.

SB70-SSA2-SA1,12 Section 12. 20.144 (4) (a) of the statutes is created to read:

SB70-SSA2-SA1,23,20 20.144 (4) (a) General program operations. The amounts in the schedule for the small business retirement savings program under s. 224.56.

SB70-SSA2-SA1,13 Section 13. 20.144 (4) (g) of the statutes is created to read:

SB70-SSA2-SA1,23,24 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-SSA2-SA1,14 Section 14. 224.56 of the statutes is created to read:

SB70-SSA2-SA1,24,2 224.56 Small business retirement savings program. (1) Definitions. In this section:

SB70-SSA2-SA1,24,4 (a) “Account" means a retirement savings account established for an eligible employee under the program under this section.

SB70-SSA2-SA1,24,5 (b) “Board" means the small business retirement savings board.

SB70-SSA2-SA1,24,7 (c) “Eligible employee” means an individual who resides in this state and who is any of the following:

SB70-SSA2-SA1,24,9 1. Employed by a private employer that does not offer a retirement savings plan.

SB70-SSA2-SA1,24,11 2. Employed by a private employer and not eligible to participate in a retirement savings plan offered by the private employer.

SB70-SSA2-SA1,24,13 (d) “Investment administrator” means the vendor with which the board has contracted under sub. (2) (b).

SB70-SSA2-SA1,24,15 (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-SSA2-SA1,24,16 (f) “Roth IRA” has the meaning given in 26 USC 408A (b).

SB70-SSA2-SA1,24,18 (g) “Traditional IRA” means an individual retirement account under 26 USC 408.

SB70-SSA2-SA1,24,21 (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-SSA2-SA1,24,24 (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-SSA2-SA1,24,25 1. Investment services.

SB70-SSA2-SA1,25,1 2. Accounting and record-keeping services.

SB70-SSA2-SA1,25,2 3. Any other professional services considered necessary by the board.

SB70-SSA2-SA1,25,4 (3) General program requirements. The board shall design the program under this section so that it meets all of the following requirements:

SB70-SSA2-SA1,25,8 (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-SSA2-SA1,25,12 (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-SSA2-SA1,25,15 (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-SSA2-SA1,25,17 (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-SSA2-SA1,25,20 (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-SSA2-SA1,25,23 (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-SSA2-SA1,26,3 (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-SSA2-SA1,26,5 (4) Participating employers; eligible employees. (a) A private employer may participate in the program under this section if all of the following apply:

SB70-SSA2-SA1,26,6 1. The employer does not offer a retirement savings plan to all employees.

SB70-SSA2-SA1,26,10 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-SSA2-SA1,26,11 3. The employer has at least one employee who is a resident of this state.

SB70-SSA2-SA1,26,17 (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-SSA2-SA1,26,20 (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-SSA2-SA1,26,24 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-SSA2-SA1,27,3 (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-SSA2-SA1,27,4 a. A stable value or capital preservation fund.

SB70-SSA2-SA1,27,6 b. A target date index fund or age-based fund that automatically rebalances asset allocations based on the eligible employee's age.

SB70-SSA2-SA1,27,7 c. A low-cost fund focused on income generation.

SB70-SSA2-SA1,27,8 d. A low-cost fund focused on asset growth.

SB70-SSA2-SA1,27,9 e. A low-cost fund focused on balancing risk and return.

SB70-SSA2-SA1,27,14 2. The program under this section shall require the investment administrator to offer to each enrolled eligible employee, before the employee makes his or her investment selections, a tool allowing the employee to identify the employee's risk tolerance and projected retirement date as an aid to the employee in selecting suitable investments under the program.

SB70-SSA2-SA1,27,18 3. The program under this section shall require that the first $1,000 of an enrolled eligible employee's contributions be deposited in a fund described in subd. 1. a. and thereafter, unless the employee selects a different investment option, the employee's contributions be deposited in a fund described in subd. 1. b.

SB70-SSA2-SA1,27,23 (c) 1. Except as provided in subds. 3. and 4., during an eligible employee's first year of enrollment in the program, the participating employer's payroll deduction each pay period shall be at a rate of 5 percent of the employee's gross wages, and this deducted amount shall be remitted to the investment administrator as the employee's account contribution.

SB70-SSA2-SA1,28,3 2. Except as provided in subds. 3. and 4., a participating employer shall increase the payroll deduction rate under subd. 1. by 1 percent per year until a maximum payroll deduction rate of 10 percent is reached.

SB70-SSA2-SA1,28,6 3. An enrolled eligible employee may elect a different payroll deduction rate than that provided for in subds. 1. and 2., except the rate may not be less than 1 percent nor more than 10 percent.

SB70-SSA2-SA1,28,10 4. A participating employer shall make a good faith effort to establish an employee's payroll deduction at a rate that will not result in the employee's total annual contributions exceeding the contribution limits established under sub. (3) (g), but the participating employer is not responsible if excess contributions occur.

SB70-SSA2-SA1,28,14 (6) Record-keeping requirements. (a) Subject to par. (b), the board shall establish the record-keeping requirements for the investment administrator, including the nature and extent of the record-keeping services and performance metrics for measuring compliance with these requirements.

SB70-SSA2-SA1,28,16 (b) The program shall require the maintenance of separate records and accounting for each account.

SB70-SSA2-SA1,28,18 (7) Abandoned accounts. (a) An account is considered abandoned if any of the following applies:

SB70-SSA2-SA1,28,20 1. There has been no account activity for at least 6 months and the account balance is less than $250.

SB70-SSA2-SA1,28,21 2. There has been no account activity for at least 2 years.

SB70-SSA2-SA1,28,24 (b) If an account is considered abandoned under par. (a), the investment administrator shall close the account and disburse the account balance to the individual who established the account.