SB70,2444 Section 2444. 200.57 (3) of the statutes is amended to read:

SB70,,6663 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.

SB70,2445 Section 2445. 200.57 (4) of the statutes is created to read:

SB70,,6665 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.

SB70,2446 Section 2446. 200.57 (5) of the statutes is created to read:

SB70,,6667 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.

SB70,2447 Section 2447. 224.55 of the statutes is created to read:

SB70,,6669 224.55 Support accounts for individuals with disabilities. (1) Definitions. In this section:

SB70,,6670 (a) “ABLE account” means an account established under an ABLE program.

SB70,,6671 (b) “ABLE program” means a qualified ABLE program under section 529A of the Internal Revenue Code.

SB70,,6672 (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.

SB70,,6673 (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.

SB70,,6674 (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:

SB70,,6675 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.

SB70,,6676 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.

SB70,,6677 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.

SB70,,6678 4. Take any other action necessary to implement and administer the ABLE program.

SB70,,6679 (d) Information about ABLE accounts. The department shall include on its website information concerning ABLE accounts.

SB70,,6680 (3) Confidentiality. The department shall keep confidential any personal and financial information maintained by the department relating to an ABLE account.

SB70,,6681 (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).

SB70,,6682 (b) The department may promulgate rules to implement and administer this section.

SB70,2448 Section 2448. 224.56 of the statutes is created to read:

SB70,,6684 224.56 Small business retirement savings program. (1) Definitions. In this section:

SB70,,6685 (a) “Account” means a retirement savings account established for an eligible employee under the program under this section.

SB70,,6686 (b) “Board” means the small business retirement savings board.

SB70,,6687 (c) “Eligible employee” means an individual who resides in this state and who is any of the following:

SB70,,6688 1. Employed by a private employer that does not offer a retirement savings plan.

SB70,,6689 2. Employed by a private employer and not eligible to participate in a retirement savings plan offered by the private employer.

SB70,,6690 (d) “Investment administrator” means the vendor with which the board has contracted under sub. (2) (b).