SB111,1336,2 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.

SB111,1336,5 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.

SB111,1336,8 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.

SB111,1336,10 4. Take any other action necessary to implement and administer the ABLE program.

SB111,1336,12 (d) Information about ABLE accounts. The department shall include on its Internet site information concerning ABLE accounts.

SB111,1336,14 (3) Confidentiality. The department shall keep confidential any personal and financial information maintained by the department relating to an ABLE account.

SB111,1336,16 (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).

SB111,1336,18 (b) The department may promulgate rules to implement and administer this section.

SB111,2452 Section 2452 . 224.56 of the statutes is created to read:

SB111,1336,21 224.56 Small business retirement savings program. (1) Definitions. In this section:

SB111,1336,23 (a) “Account" means a retirement savings account established for an eligible employee under the program under this section.

SB111,1336,24 (b) “Board" means the small business retirement savings board.

SB111,1337,2 (c) “Eligible employee” means an individual who resides in this state and who is any of the following:

SB111,1337,4 1. Employed by a private employer that does not offer a retirement savings plan.

SB111,1337,6 2. Employed by a private employer and not eligible to participate in a retirement savings plan offered by the private employer.

SB111,1337,8 (d) “Investment administrator” means the vendor with which the board has contracted under sub. (2) (b).

SB111,1337,10 (e) “Participating employer” means a private employer that qualifies for and has elected to participate in the program as provided in sub. (4) (a).

SB111,1337,11 (f) “Roth IRA” has the meaning given in 26 USC 408A (b).

SB111,1337,14 (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.

SB111,1337,17 (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:

SB111,1337,18 1. Investment services.

SB111,1337,19 2. Accounting and record-keeping services.

SB111,1337,20 3. Any other professional services considered necessary by the board.

SB111,1337,22 (3) General program requirements. The board shall design the program under this section so that it meets all of the following requirements:

SB111,1338,2 (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.

SB111,1338,6 (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.

SB111,1338,9 (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.

SB111,1338,11 (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.

SB111,1338,14 (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.