AB1113,8,7 (a) Enter into contracts or other arrangements for any of the following services as necessary for implementing and overseeing the plan and otherwise carrying out the purposes of this section:

AB1113,8,10 1. The services of financial institutions and depositories and of consultants, accountants, attorneys, investment advisers, investment administrators, 3rd-party administrators, and other professionals.

AB1113,8,12 2. The services of other state agencies under interagency agreements under sub. (3) (b).

AB1113,8,16 (b) Solicit and accept contributions, gifts, grants, and bequests for the WisEARNS plan administration trust fund or for any other purpose for which a contribution, gift, grant, or bequest is made and received. Moneys received under this paragraph shall be deposited in the WisEARNS plan administration trust fund.

AB1113,8,22 (c) Enter into agreements with other governmental entities in this state or outside this state, which maintain retirement savings programs similar to WisEARNS, to collectively invest the assets of the plan to the extent allowed by federal law to benefit retirement savings account holders participating in the plan by achieving efficiencies designed to minimize costs for the plan and retirement savings account holders participating in the plan.

AB1113,8,23 (7) Duties of board. The board shall do all of the following:

AB1113,8,24 (a) Promulgate rules for the administration of the plan.

AB1113,9,4 (b) Collect application, account, or administrative fees to defray the costs of administering the plan at the lowest cost possible. Fees collected under this paragraph shall be deposited in the WisEARNS plan administration trust fund. Fees under this paragraph may not be linked to the value of the trust fund.

AB1113,9,9 (c) Establish a policy for the investment of moneys contributed to a retirement savings account, and direct the investment of such moneys in a manner that is consistent with any investment restrictions established by the board. Those investment restrictions shall be consistent with the objectives of the plan and with the standard of responsibility specified in s. 25.15 (2).

AB1113,9,12 (d) Evaluate the need for, and procure as needed, insurance to cover any liabilities of the plan and to cover each member of the board for loss or liability resulting from the board member's act or omission as a member of the board.

AB1113,9,14 (e) Determine the eligibility of employers, employees, or individuals to participate in the plan.

AB1113,9,16 (f) Establish policies for emergency withdrawals from WisEARNS savings accounts.

AB1113,9,18 (g) Exercise any other powers as may be necessary to oversee the plan and otherwise carry out the purposes of this section.

AB1113,9,20 (8) Requirements for plan. The board shall design the plan so that it meets all of the following requirements:

AB1113,9,24 (a) The plan allows eligible individuals employed for compensation in this state by a private employer in this state to contribute to WisEARNS accounts through payroll deductions. The plan allows self-employed individuals with earnings in this state to contribute to WisEARNS accounts.

AB1113,10,7 (b) The plan requires all private employers in this state to withhold and remit employee contributions to the plan through payroll deductions. If an employer offers a qualified retirement plan under the Internal Revenue Code, including a plan qualified under section 401 (a) or (k), 403 (a) or (b), 408 (k), or 457 (b) of the Internal Revenue Code, the employer does not need to withhold and remit employee contributions for employees who are eligible to participate in the employer-sponsored plan.

AB1113,10,9 (c) Except as provided in par. (d), the plan provides that the default individual retirement account is a Roth IRA account.

AB1113,10,12 (d) If the plan offers options for account types other than a Roth IRA, the plan allows an enrolled eligible employee to select any of these other account types for investing contributions under the plan.

AB1113,10,15 (e) The plan provides an eligible employee who is enrolled in the plan with multiple investment options within each account type, which may include any of the following investment options:

AB1113,10,16 1. A stable value or capital preservation fund.

AB1113,10,18 2. A target date index fund or age-based fund that automatically rebalances asset allocations based on the eligible employee's age.

AB1113,10,19 3. A low-cost fund focused on income generation.

AB1113,10,20 4. A low-cost fund focused on asset growth.

AB1113,10,21 5. A low-cost fund focused on balancing risk and return.

AB1113,10,22 (f) The investment policy for the plan includes all of the following concepts:

AB1113,10,23 1. Best practices in the industry for retirement savings vehicles.

AB1113,10,24 2. The promotion of portability of retirement savings accounts.

AB1113,10,25 3. The minimization of fees and expenses.

AB1113,11,2 4. The maximization of possible income replacement, balanced with appropriate levels of risk.