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13(3) Confidentiality. The department shall keep confidential any personal and
14financial information maintained by the department relating to an ABLE account.
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15(4) Funding; rules. (a) All expenses incurred by the department under this
16section shall be paid from the appropriation under s. 20.144 (1) (g).
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(b) The department may promulgate rules to implement and administer this
18section.
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19Section 2452
. 224.56 of the statutes is created to read:
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20224.56 Small business retirement savings program. (1) Definitions. In
21this section:
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(a) “Account" means a retirement savings account established for an eligible
23employee under the program under this section.
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(b) “Board" means the small business retirement savings board.
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1(c) “Eligible employee” means an individual who resides in this state and who
2is any of the following:
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1. Employed by a private employer that does not offer a retirement savings
4plan.
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2. Employed by a private employer and not eligible to participate in a
6retirement savings plan offered by the private employer.
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(d) “Investment administrator” means the vendor with which the board has
8contracted under sub. (2) (b).
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(e) “Participating employer” means a private employer that qualifies for and
10has elected to participate in the program as provided in sub. (4) (a).
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(f) “Roth IRA” has the meaning given in
26 USC 408A (b).
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12(2) Establishment of program. (a) Subject to par. (b), the board shall establish
13and oversee a small business retirement savings program that meets the
14requirements specified in this section.
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(b) After soliciting competitive sealed proposals under s. 16.75 (2m), the board
16shall select and contract with a vendor to provide the following services in
17administering the small business retirement savings program:
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1. Investment services.
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2. Accounting and record-keeping services.
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3. Any other professional services considered necessary by the board.
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21(3) General program requirements. The board shall design the program
22under this section so that it meets all of the following requirements:
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(a) The program allows eligible employees to contribute to their accounts
24through payroll deductions and requires participating employers to withhold from
1employees' wages, through payroll deductions, employees' account contributions and
2remit those contributions directly to the investment administrator.
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(b) Subject to the record-keeping requirement under sub. (6) (b), the program
4allows the investment administrator to pool accounts for investment purposes and
5designates the investment administrator as the trustee of account contributions and
6earnings.
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(c) The administrative costs of the program are low, and the fee that the
8investment administrator may charge an eligible employee is limited to a fixed
9monthly fee in an amount approved by the board.
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(d) The program does not require an eligible employee to maintain a minimum
11account balance if the employee makes contributions to the account each pay period.
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(e) The program allows account consolidation and roll over, including roll over
13to a retirement savings option not part of the program to the extent allowed under
14the Internal Revenue Code.
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(f) The program allows an eligible employee who has established an account to
16continue the account after separating from employment with a participating
17employer if the account is maintained with a positive balance.
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18(4) Participating employers; eligible employees. (a) A private employer may
19participate in the program under this section if all of the following apply:
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1. The employer does not offer a retirement savings plan to all employees.
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2. The employer provides notice to the board, in the form and manner
22prescribed by the board, of the employer's election to participate in the program and
23the employer certifies that, on the date of this notice, the employer had 50 or fewer
24employees.
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3. The employer has at least one employee who is a resident of this state.