SB1076,,9696(x) The plan provides a process for making withdrawals from an employee’s WisEARNS retirement account. SB1076,,9797(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. SB1076,,9898(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: SB1076,,99991. A discussion of the benefits and risks associated with making contributions to a retirement savings account. SB1076,,1001002. 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. SB1076,,1011013. Instructions on how to obtain additional information about the plan. SB1076,,1021024. 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. SB1076,,1031035. A notice advising that the plan is not an employer-sponsored retirement savings plan. SB1076,,1041046. 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. SB1076,,105105(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. SB1076,,106106(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: SB1076,,107107(a) As necessary to administer the plan, the tax laws of this state, and the Internal Revenue Code. SB1076,,108108(b) With the prior written consent of the subject of the information. SB1076,,109109(11) Liability for private employers. No private employer is a fiduciary with respect to the plan. No private employer is liable for any of the following with respect to the plan or an eligible employee: SB1076,,110110(a) An eligible employee’s decision to participate in the plan. SB1076,,111111(b) Investment decisions made by the board or an eligible employee who participates in the plan. SB1076,,112112(c) The administration or investment performance of the plan, including any interest rate or other rate of return on any contribution or account balance. SB1076,,113113(d) The plan design. SB1076,,114114(e) An eligible employee’s familiarity with and compliance with the applicable provisions of the Internal Revenue Code and U.S. department of treasury regulations related to individual retirement accounts. SB1076,,115115(f) Any loss, failure to realize any gain, or other adverse consequences, including any adverse tax consequences or loss of favorable tax treatment, public assistance, or other benefits, incurred by any eligible employee as a result of participating in the plan. SB1076,,116116(12) Liability of board and state. No cause of action of any nature may arise against and no civil liability may be imposed upon a member of the board for any act or omission in the performance of his or her powers and duties related to the plan, unless the individual asserting liability proves that the act or omission constitutes willful misconduct. No cause of action of any nature may arise against and no civil liability may be imposed upon the state or an employee of the state for any act or omission related to the powers and duties of the state or employee in the performance of any powers or duties related to the plan unless the individual asserting liability proves that the act or omission constitutes willful misconduct. No member of the board, the state, board or commission of the state, appointee, or employee of the state is liable for any of the following: SB1076,,117117(a) An eligible employee’s familiarity with and compliance with the applicable provisions of the Internal Revenue Code and U.S. department of treasury regulations related to individual retirement accounts. SB1076,,118118(b) The interest rate or other rate of return, on an account balance or investment performance. SB1076,,119119(c) Any loss, failure to realize any gain, or other adverse consequences, including any adverse tax consequences or loss of favorable tax treatment, public assistance, or other benefits, incurred by any eligible employee as a result of participating in the plan. SB1076,,120120(d) The debts, contracts, and obligations of the plan or the board. SB1076,,121121(13) Reports. (a) By October 15 of each year, the board shall submit a report of its activities to the governor and the appropriate standing committees of the legislature under s. 13.172 (3). The report shall include information on the performance of the plan and any recommended changes to the plan. SB1076,,122122(b) By January 1, 2028, the board shall submit a report of its activities to the governor and the appropriate standing committees of the legislature under s. 13.172 (3). SB1076,,123123(14) Standard of responsibility. Members of the board and any 3rd-party administrators of the plan shall discharge their duties as fiduciaries with respect to the trust fund under s. 25.52 for the interest of eligible employees who participate in the plan as follows: SB1076,,124124(a) To administer assets of the trust fund solely for the purpose of providing benefits to eligible employees who are enrolled in the plan at a reasonable cost and not for any other purpose.