AB43: Bill Text

AB43,,6640 (d) If the commission denies funding to an applicant as a result of an Internet service provider’s challenge made under this subsection and the Internet service provider does not fulfill its commitment to provide available, reliable, and affordable broadband service in the area that is the subject of the challenge, the commission is prohibited from awarding grant funding to that Internet service provider for the following 2 grant cycles and that Internet service provider is prohibited from participating in the challenge process under par. (b) for the following 2 grant cycles, unless the commission determines that the Internet service provider’s failure to fulfill its commitment was the result of factors beyond the Internet service provider’s control. The commission shall give priority scoring treatment to an application targeting a grant project area that remains unserved as a result of a successful challenge and an unfulfilled commitment.

AB43,2436 Section 2436. 196.504 (3) (intro.) of the statutes is amended to read:

AB43,,6642 196.504 (3) (intro.) The commission shall encourage the development of broadband infrastructure in underserved unserved areas of the state and do all of the following:

AB43,2437 Section 2437. 196.504 (10) of the statutes is created to read:

AB43,,6644 196.504 (10) The commission shall administer a digital equity program under which it may do all of the following:

AB43,,6645 (a) Provide outreach and assistance to promote digital equity.

AB43,,6646 (b) Coordinate the administration of federal and state digital equity funding.

AB43,,6647 (c) Provide digital navigation services.

AB43,,6648 (d) Implement digital inclusion activities.

AB43,2438 Section 2438. 196.5048 of the statutes is created to read:

AB43,,6650 196.5048 Internet service provider registration. No person may provide Internet service in this state unless the person registers with the commission.

AB43,2439 Section 2439. 196.745 (2) (a) of the statutes is amended to read:

AB43,,6652 196.745 (2) (a) Any person violating sub. (1) (a), or any order or rule issued under sub. (1) (a), shall forfeit an amount not exceeding $25,000 $200,000. Each day of violation is a separate violation of sub. (1) (a). No person may forfeit an amount exceeding $500,000 $2,000,000 for a single persisting violation of sub. (1) (a) or any order or any rule issued under sub. (1) (a). The commission shall remit all forfeitures paid under this paragraph to the secretary of administration for deposit in the school fund.

AB43,2440 Section 2440. 200.57 (title) of the statutes is amended to read:

AB43,,6654 200.57 (title) Minority financial advisers and investment firms and disabled and veteran-owned businesses, lesbian, gay, bisexual, or transgender-owned, and disability-owned financial advisers and investment firms.

AB43,2441 Section 2441. 200.57 (1) (a) of the statutes is renumbered 200.57 (1) (f) and amended to read:

AB43,,6656 200.57 (1) (f) “Disabled veteran-owned Veteran-owned financial adviser” and “disabled veteran-owned investment firm” mean a financial adviser and investment firm, respectively, certified by the department of administration under s. 16.283 (3).

AB43,2442 Section 2442. 200.57 (1) (ae) of the statutes is created to read:

AB43,,6658 200.57 (1) (ae) “Disability-owned financial adviser” and “disability-owned investment firm” mean a financial adviser and investment firm, respectively, certified by the department of administration under s. 16.289 (3).

AB43,2443 Section 2443. 200.57 (1) (c) of the statutes is created to read:

AB43,,6660 200.57 (1) (c) “Lesbian, gay, bisexual, or transgender-owned financial adviser” and “Lesbian, gay, bisexual, or transgender-owned investment firm” mean a financial adviser and investment firm, respectively, certified by the department of administration under s. 16.288 (3).

AB43,2444 Section 2444. 200.57 (3) of the statutes is amended to read:

AB43,,6662 200.57 (3) The commission shall make efforts to ensure that at least 1 percent of the total funds expended for financial and investment analysis and for common stock and convertible bond brokerage commissions in each fiscal year is expended for the services of disabled veteran-owned financial advisers or disabled veteran-owned investment firms.

AB43,2445 Section 2445. 200.57 (4) of the statutes is created to read:

AB43,,6664 200.57 (4) The commission shall make efforts to ensure that at least 1 percent of the total funds expended for financial and investment analysis and for common stock and convertible bond brokerage commissions in each fiscal year is expended for the services of lesbian, gay, bisexual, or transgender-owned financial advisers or lesbian, gay, bisexual, or transgender-owned investment firms.

AB43,2446 Section 2446. 200.57 (5) of the statutes is created to read:

AB43,,6666 200.57 (5) The commission shall make efforts to ensure that at least 1 percent of the total funds expended for financial and investment analysis and for common stock and convertible bond brokerage commissions in each fiscal year is expended for the services of disability-owned financial advisers or disability-owned investment firms.

AB43,2447 Section 2447. 224.55 of the statutes is created to read:

AB43,,6668 224.55 Support accounts for individuals with disabilities. (1) Definitions. In this section:

AB43,,6669 (a) “ABLE account” means an account established under an ABLE program.

AB43,,6670 (b) “ABLE program” means a qualified ABLE program under section 529A of the Internal Revenue Code.

AB43,,6671 (2) Department to establish ABLE program. (a) Implementation directly or by agreement. The department shall implement and administer an ABLE program, either directly or by entering into a formal or informal agreement with another state, or with an entity representing an alliance of states, to establish an ABLE program or otherwise administer ABLE program services for the residents of this state.

AB43,,6672 (b) Review of other states’ partnership programs. The department shall review section 529A ABLE state partnership programs offered by other states and, no later than the first day of the 10th month beginning after the effective date of this subsection, determine whether, as the best option for Wisconsin residents, the department will implement the ABLE program under par. (a) directly or by entering into an agreement.

AB43,,6673 (c) Agreement terms. An agreement under par. (a) may require the party contracting with the department, in addition to providing any other services, to do any of the following:

AB43,,6674 1. Develop and implement an ABLE program in accordance with all requirements under section 529A of the Internal Revenue Code, and modify this ABLE program as necessary for participants in the ABLE program to qualify for the federal income tax benefits or treatment provided under section 529A of the Internal Revenue Code and rules adopted under section 529A.

AB43,,6675 2. Engage the services of vendors on a contractual basis for rendering professional and technical assistance and advice in developing marketing plans and promotional materials to publicize the ABLE program.

AB43,,6676 3. Work with organizations with expertise in supporting people with disabilities and their families in administering the agreement and ensuring accessibility of the ABLE program for people with disabilities.

AB43,,6677 4. Take any other action necessary to implement and administer the ABLE program.

AB43,,6678 (d) Information about ABLE accounts. The department shall include on its website information concerning ABLE accounts.

AB43,,6679 (3) Confidentiality. The department shall keep confidential any personal and financial information maintained by the department relating to an ABLE account.

AB43,,6680 (4) Funding; rules. (a) All expenses incurred by the department under this section shall be paid from the appropriation under s. 20.144 (1) (g).

AB43,,6681 (b) The department may promulgate rules to implement and administer this section.

AB43,2448 Section 2448. 224.56 of the statutes is created to read:

AB43,,6683 224.56 Small business retirement savings program. (1) Definitions. In this section:

AB43,,6684 (a) “Account” means a retirement savings account established for an eligible employee under the program under this section.

AB43,,6685 (b) “Board” means the small business retirement savings board.

AB43,,6686 (c) “Eligible employee” means an individual who resides in this state and who is any of the following:

AB43,,6687 1. Employed by a private employer that does not offer a retirement savings plan.

AB43,,6688 2. Employed by a private employer and not eligible to participate in a retirement savings plan offered by the private employer.

AB43,,6689 (d) “Investment administrator” means the vendor with which the board has contracted under sub. (2) (b).

AB43,,6690 (e) “Participating employer” means a private employer that qualifies for and has elected to participate in the program as provided in sub. (4) (a).

AB43,,6691 (f) “Roth IRA” has the meaning given in 26 USC 408A (b).

AB43,,6692 (g) “Traditional IRA” means an individual retirement account under 26 USC 408.

AB43,,6693 (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.

AB43,,6694 (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:

AB43,,6695 1. Investment services.

AB43,,6696 2. Accounting and record-keeping services.

AB43,,6697 3. Any other professional services considered necessary by the board.

AB43,,6698 (3) General program requirements. The board shall design the program under this section so that it meets all of the following requirements:

AB43,,6699 (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.

AB43,,6700 (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.

AB43,,6701 (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.

AB43,,6702 (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.

AB43,,6703 (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.

AB43,,6704 (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.

AB43,,6705 (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.

AB43,,6706 (4) Participating employers; eligible employees. (a) A private employer may participate in the program under this section if all of the following apply:

AB43,,6707 1. The employer does not offer a retirement savings plan to all employees.

AB43,,6708 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.

AB43,,6709 3. The employer has at least one employee who is a resident of this state.

AB43,,6710 (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.

AB43,,6711 (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.

AB43,,6712 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.

AB43,,6713 (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:

AB43,,6714 a. A stable value or capital preservation fund.

AB43,,6715 b. A target date index fund or age-based fund that automatically rebalances asset allocations based on the eligible employee’s age.

AB43,,6716 c. A low-cost fund focused on income generation.

AB43,,6717 d. A low-cost fund focused on asset growth.

AB43,,6718 e. A low-cost fund focused on balancing risk and return.

AB43,,6719 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.

AB43,,6720 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.

AB43,,6721 (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.

AB43,,6722 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.

AB43,,6723 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.

AB43,,6724 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.

AB43,,6725 (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.

AB43,,6726 (b) The program shall require the maintenance of separate records and accounting for each account.

AB43,,6727 (7) Abandoned accounts. (a) An account is considered abandoned if any of the following applies:

AB43,,6728 1. There has been no account activity for at least 6 months and the account balance is less than $250.