AB1113,12,6 1. Automatic enrollment of eligible employees in the plan.

AB1113,12,7 2. Opting out of enrollment in the plan before any payrolls deduction is made.

AB1113,12,9 3. Opting out of enrollment in the plan at any time after a payroll deduction is made.

AB1113,12,11 4. Changing the contribution rate from the default contribution rate set by the board under par. (e).

AB1113,12,12 (m) The plan provides a process for all of the following:

AB1113,12,15 1. Employer withholding from employees' wages contributions to WisEARNS accounts and remittance of those contributions to the investment administrator of the plan.

AB1113,12,17 2. Eligible employees' and self-employed individuals' nonpayroll contributions to their WisEARNS retirement accounts.

AB1113,12,19 3. Emergency withdrawals from WisEARNS savings accounts in accordance with procedures established by the board under sub. (7) (f).

AB1113,12,21 (n) The plan requires contributions to WisEARNS accounts to be deposited directly with the investment administrator of the plan.

AB1113,12,24 (o) The plan, to the greatest extent possible, uses existing employer and public infrastructure to facilitate contributions to WisEARNS accounts and outreach to employees and private employers.

AB1113,13,2 (p) The plan prohibits employer contribution to an employee WisEARNS account.

AB1113,13,5 (q) The plan requires the maintenance of separate records and accounting for each WisEARNS account and provides for reports on the status of accounts to be provided to plan participants at least once per quarter.

AB1113,13,9 (r) The plan allows the owner of a WisEARNS retirement account to maintain that account regardless of his or her place of employment and to roll over money from that account to other retirement accounts as allowed under the Internal Revenue Code.

AB1113,13,11 (s) The plan provides for the pooling of WisEARNS retirement accounts for investment purposes by the investment administrator of the plan.

AB1113,13,15 (t) The plan is professionally managed in a way that keeps administrative costs low. The plan shall allow the investment administrator of the plan to charge and collect application, account, and administrative fees in an amount that does not exceed an amount that is sufficient to defray the costs of administering the plan.

AB1113,13,18 (u) The plan provides that the state and any employer participating in the plan have no proprietary interest in an employee's contributions to a WisEARNS account or in the earnings of such an account.

AB1113,13,21 (v) The plan provides that the investment administrator of the plan is the trustee of all contributions to a WisEARNS account and earnings on those contributions.

AB1113,13,25 (w) The plan does not impose any duties under the federal Employee Retirement Income Security Act of 1974, 29 USC 1001 to 1461, on an employer and does not expose any employer or the state, either as an employer or in the administration of the plan, to any potential liability under that act.

AB1113,14,2 (x) The plan provides a process for making withdrawals from an employee's WisEARNS retirement account.

AB1113,14,7 (y) The plan sets forth the requirements that an employer that offers a qualified retirement plan described in par. (b) must meet in order to obtain an exemption from the requirement under par. (b) that the employer withhold and remit employee contributions to the plan through payroll deductions and a process for obtaining such an exemption.

AB1113,14,10 (z) The plan sets forth the contents and frequency of disclosures that the board must make to employers, eligible employees and other individuals participating in the plan. Those disclosures shall include all of the following:

AB1113,14,12 1. A discussion of the benefits and risks associated with making contributions to a retirement savings account.

AB1113,14,15 2. Instructions on the process for making contributions to a WisEARNS account, opting out of participation in the plan, and making withdrawals from a WisEARNS account.

AB1113,14,16 3. Instructions on how to obtain additional information about the plan.

AB1113,14,20 4. A notice advising that employees should contact a financial or investment adviser for financial or investment advice, that participating employers may not provide financial or investment advice, and that participating employers are not liable for financial or investment decisions made by an employee.

AB1113,14,22 5. A notice advising that the plan is not an employer-sponsored retirement savings plan.

AB1113,15,2 6. A notice that a rate of interest or return on a WisEARNS retirement account, and the payment of principal, interest, or a return on such an account, are not guaranteed by the state and that the state may not be held liable for any loss incurred by any person as a result of participating in the plan.

AB1113,15,6 (9) Construction. Nothing in this section guarantees any rate of interest or return on a WisEARNS retirement account or the payment of principal, interest, or a return on such an account. The state may not be held liable for any loss incurred by any person as a result of participating in the plan.

AB1113,15,9 (10) Confidentiality. All personal and financial information pertaining to the owner or a beneficiary of a WisEARNS account is confidential and may not be disclosed except as follows: