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(u) The plan provides that the state and any employer participating in the plan
17have no proprietary interest in an employee's contributions to a WisEARNS account
18or in the earnings of such an account.
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(v) The plan provides that the investment administrator of the plan is the
20trustee of all contributions to a WisEARNS account and earnings on those
21contributions.
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(w) The plan does not impose any duties under the federal Employee
23Retirement Income Security Act of 1974,
29 USC 1001 to
1461, on an employer and
24does not expose any employer or the state, either as an employer or in the
25administration of the plan, to any potential liability under that act.
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1(x) The plan provides a process for making withdrawals from an employee's
2WisEARNS retirement account.
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(y) The plan sets forth the requirements that an employer that offers a qualified
4retirement plan described in par. (b) must meet in order to obtain an exemption from
5the requirement under par. (b) that the employer withhold and remit employee
6contributions to the plan through payroll deductions and a process for obtaining such
7an exemption.
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(z) The plan sets forth the contents and frequency of disclosures that the board
9must make to employers, eligible employees and other individuals participating in
10the plan. Those disclosures shall include all of the following:
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1. A discussion of the benefits and risks associated with making contributions
12to a retirement savings account.
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2. Instructions on the process for making contributions to a WisEARNS
14account, opting out of participation in the plan, and making withdrawals from a
15WisEARNS account.
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3. Instructions on how to obtain additional information about the plan.
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4. A notice advising that employees should contact a financial or investment
18adviser for financial or investment advice, that participating employers may not
19provide financial or investment advice, and that participating employers are not
20liable for financial or investment decisions made by an employee.
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5. A notice advising that the plan is not an employer-sponsored retirement
22savings plan.
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6. A notice that a rate of interest or return on a WisEARNS retirement account,
24and the payment of principal, interest, or a return on such an account, are not
1guaranteed by the state and that the state may not be held liable for any loss incurred
2by any person as a result of participating in the plan.
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3(9) Construction. Nothing in this section guarantees any rate of interest or
4return on a WisEARNS retirement account or the payment of principal, interest, or
5a return on such an account. The state may not be held liable for any loss incurred
6by any person as a result of participating in the plan.
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7(10) Confidentiality. All personal and financial information pertaining to the
8owner or a beneficiary of a WisEARNS account is confidential and may not be
9disclosed except as follows:
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(a) As necessary to administer the plan, the tax laws of this state, and the
11Internal Revenue Code.
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(b) With the prior written consent of the subject of the information.
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13(11) Liability for private employers. No private employer is a fiduciary with
14respect to the plan. No private employer is liable for any of the following with respect
15to the plan or an eligible employee:
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(a) An eligible employee's decision to participate in the plan.
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(b) Investment decisions made by the board or an eligible employee who
18participates in the plan.
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(c) The administration or investment performance of the plan, including any
20interest rate or other rate of return on any contribution or account balance.
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(d) The plan design.
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(e) An eligible employee's familiarity with and compliance with the applicable
23provisions of the Internal Revenue Code and U.S. department of treasury
24regulations related to individual retirement accounts.
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1(f) Any loss, failure to realize any gain, or other adverse consequences,
2including any adverse tax consequences or loss of favorable tax treatment, public
3assistance, or other benefits, incurred by any eligible employee as a result of
4participating in the plan.
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5(12) Liability of board and state. No cause of action of any nature may arise
6against and no civil liability may be imposed upon a member of the board for any act
7or omission in the performance of his or her powers and duties related to the plan,
8unless the individual asserting liability proves that the act or omission constitutes
9willful misconduct. No cause of action of any nature may arise against and no civil
10liability may be imposed upon the state or an employee of the state for any act or
11omission related to the powers and duties of the state or employee in the performance
12of any powers or duties related to the plan unless the individual asserting liability
13proves that the act or omission constitutes willful misconduct. No member of the
14board, the state, board or commission of the state, appointee, or employee of the state
15is liable for any of the following:
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(a) An eligible employee's familiarity with and compliance with the applicable
17provisions of the Internal Revenue Code and U.S. department of treasury
18regulations related to individual retirement accounts.
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(b) The interest rate or other rate of return, on an account balance or
20investment performance.
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(c) Any loss, failure to realize any gain, or other adverse consequences,
22including any adverse tax consequences or loss of favorable tax treatment, public
23assistance, or other benefits, incurred by any eligible employee as a result of
24participating in the plan.
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(d) The debts, contracts, and obligations of the plan or the board.
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1(13) Reports. (a) By October 15 of each year, the board shall submit a report
2of its activities to the governor and the appropriate standing committees of the
3legislature under s. 13.172 (3). The report shall include information on the
4performance of the plan and any recommended changes to the plan.