AB68: Bill Text

AB68,2452 Section 2452 . 224.56 of the statutes is created to read:

AB68,1336,21 224.56 Small business retirement savings program. (1) Definitions. In this section:

AB68,1336,23 (a) “Account" means a retirement savings account established for an eligible employee under the program under this section.

AB68,1336,24 (b) “Board" means the small business retirement savings board.

AB68,1337,2 (c) “Eligible employee” means an individual who resides in this state and who is any of the following:

AB68,1337,4 1. Employed by a private employer that does not offer a retirement savings plan.

AB68,1337,6 2. Employed by a private employer and not eligible to participate in a retirement savings plan offered by the private employer.

AB68,1337,8 (d) “Investment administrator” means the vendor with which the board has contracted under sub. (2) (b).

AB68,1337,10 (e) “Participating employer” means a private employer that qualifies for and has elected to participate in the program as provided in sub. (4) (a).

AB68,1337,11 (f) “Roth IRA” has the meaning given in 26 USC 408A (b).

AB68,1337,14 (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.

AB68,1337,17 (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:

AB68,1337,18 1. Investment services.

AB68,1337,19 2. Accounting and record-keeping services.

AB68,1337,20 3. Any other professional services considered necessary by the board.

AB68,1337,22 (3) General program requirements. The board shall design the program under this section so that it meets all of the following requirements:

AB68,1338,2 (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.

AB68,1338,6 (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.

AB68,1338,9 (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.

AB68,1338,11 (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.

AB68,1338,14 (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.

AB68,1338,17 (f) The program allows an eligible employee who has established an account to continue the account after separating from employment with a participating employer if the account is maintained with a positive balance.

AB68,1338,19 (4) Participating employers; eligible employees. (a) A private employer may participate in the program under this section if all of the following apply:

AB68,1338,20 1. The employer does not offer a retirement savings plan to all employees.

AB68,1338,24 2. The employer provides notice to the board, in the form and manner prescribed by the board, of the employer's election to participate in the program and the employer certifies that, on the date of this notice, the employer had 50 or fewer employees.

AB68,1338,25 3. The employer has at least one employee who is a resident of this state.

AB68,1339,6 (b) After a private employer has elected under par. (a) to participate in the program, the employer shall provide notice to each of its eligible employees of the eligible employee's right to decline participation in the program. After providing this notice, the employer shall enroll the eligible employee in the program unless the eligible employee informs the employer of the eligible employee's decision not to participate in the program.

AB68,1339,9 (5) Specific program requirements. (a) 1. Except as provided in subd. 2., the program under this section shall provide for an eligible employee who has enrolled in the program to make contributions to a Roth IRA account.

AB68,1339,13 2. The program may also offer options for account types other than a Roth IRA, and if other options are offered, the program shall allow an enrolled eligible employee to select any of these other account types for investing contributions under the program.

AB68,1339,16 (b) 1. The program under this section shall provide an eligible employee who has enrolled in the program with at least 5 investment options within each account type, including all of the following investment options:

AB68,1339,17 a. A stable value or capital preservation fund.

AB68,1339,19 b. A target date index fund or age-based fund that automatically rebalances asset allocations based on the eligible employee's age.

AB68,1339,20 c. A low-cost fund focused on income generation.

AB68,1339,21 d. A low-cost fund focused on asset growth.

AB68,1339,22 e. A low-cost fund focused on balancing risk and return.

AB68,1340,2 2. The program under this section shall require the investment administrator to offer to each enrolled eligible employee, before the employee makes his or her investment selections, a tool allowing the employee to identify the employee's risk tolerance and projected retirement date as an aid to the employee in selecting suitable investments under the program.

AB68,1340,6 3. The program under this section shall require that the first $1,000 of an enrolled eligible employee's contributions be deposited in a fund described in subd. 1. a. and thereafter, unless the employee selects a different investment option, the employee's contributions be deposited in a fund described in subd. 1. b.

AB68,1340,11 (c) 1. Except as provided in subd. 3., during an eligible employee's first year of enrollment in the program, the participating employer's payroll deduction each pay period shall be at a rate of 5 percent of the employee's gross wages, and this deducted amount shall be remitted to the investment administrator as the employee's account contribution.

AB68,1340,14 2. Except as provided in subd. 3., a participating employer shall increase the payroll deduction rate under subd. 1. by 1 percent per year until a maximum payroll deduction rate of 10 percent is reached.

AB68,1340,17 3. An enrolled eligible employee may elect a different payroll deduction rate than that provided for in subds. 1. and 2., except the rate may not be less than 1 percent nor more than 10 percent.

AB68,1340,21 (6) Record-keeping requirements. (a) Subject to par. (b), the board shall establish the record-keeping requirements for the investment administrator, including the nature and extent of the record-keeping services and performance metrics for measuring compliance with these requirements.

AB68,1340,23 (b) The program shall require the maintenance of separate records and accounting for each account.

AB68,1340,25 (7) Abandoned accounts. (a) An account is considered abandoned if any of the following applies:

AB68,1341,2 1. There has been no account activity for at least 6 months and the account balance is less than $250.

AB68,1341,3 2. There has been no account activity for at least 2 years.

AB68,1341,6 (b) If an account is considered abandoned under par. (a), the investment administrator shall close the account and disburse the account balance to the individual who established the account.

AB68,1341,8 (8) Powers of board; departmental assistance; rules. (a) The board may do any of the following:

AB68,1341,11 1. In establishing the program under this section, create or impose any requirement or condition not inconsistent with this section that the board considers necessary for the effective functioning and widespread utilization of the program.

AB68,1341,15 2. Enter into contracts or other arrangements for any services necessary for establishing and overseeing the program under this section or for otherwise carrying out the purposes of this section, including the services of financial institutions, attorneys, investment advisers, accountants, consultants, and other professionals.

AB68,1341,17 3. Exercise any other powers necessary to establish and oversee the program under this section or otherwise carry out the purposes of this section.

AB68,1341,18 4. Promulgate rules to carry out the purposes of this section.

AB68,1341,22 (b) The department shall provide the board with any assistance necessary to carry out the purposes of this section, including staff, equipment, and office space. The board may delegate to the department responsibility for carrying out any day-to-day board function related to the program under this section.

AB68,2453 Section 2453 . 224.77 (1) (o) of the statutes is amended to read:

AB68,1342,6 224.77 (1) (o) In the course of practice as a mortgage banker, mortgage loan originator, or mortgage broker, except in relation to housing designed to meet the needs of elderly individuals, treat a person unequally solely because of sex, race, color, handicap, sexual orientation, as defined in s. 111.32 (13m), religion, national origin, age, or ancestry, the person's lawful source of income, or the sex, marital status, status as a holder or nonholder of a license under s. 343.03 (3r), or status as a victim of domestic abuse, sexual assault, or stalking, as defined in s. 106.50 (1m) (u), of the person maintaining a household.

AB68,2454 Section 2454 . 227.01 (13) (Lw) of the statutes is created to read:

AB68,1342,8 227.01 (13) (Lw) Adjusts the minimum wage under s. 104.035 (8m).

AB68,2455 Section 2455. 227.01 (13) (n) of the statutes is amended to read:

AB68,1342,13 227.01 (13) (n) Fixes or approves rates, prices or charges, including an annual average weekly wage calculation under s. 108.05 (1) (am) or a maximum weekly benefit amount under s. 108.05 (1) (cm), unless a statute specifically requires them to be fixed or approved by rule.

AB68,2456 Section 2456 . 227.01 (13) (t) of the statutes is created to read:

AB68,1342,18 227.01 (13) (t) Ascertains and determines prevailing wage rates under ss. 66.0903, 103.49, 103.50, and 229.8275, except that any action or inaction which ascertains and determines prevailing wage rates under ss. 66.0903, 103.49, 103.50, and 229.8275 is subject to judicial review under s. 227.40.

AB68,2457 Section 2457. 227.03 (4) of the statutes is amended to read:

AB68,1342,25 227.03 (4) The provisions of this chapter relating to contested cases do not apply to proceedings involving the revocation of community supervision or aftercare supervision under s. 938.357 (5), the revocation of parole, extended supervision, or probation, the grant of probation, prison discipline, mandatory release under s. 302.11, or any other proceeding involving the care and treatment of a resident or an inmate of a correctional institution.

AB68,2458 Section 2458. 227.10 (2g) of the statutes is repealed.

AB68,2459 Section 2459 . 227.11 (title) of the statutes is amended to read:

AB68,1343,4 227.11 (title) Agency Extent to which chapter confers rule-making authority.

AB68,2460 Section 2460 . 227.11 (3) of the statutes is repealed.

AB68,2461 Section 2461. 227.111 (3) of the statutes is created to read:

AB68,1343,7 227.111 (3) Subsection (2) does not apply to the state fair park board.

AB68,2462 Section 2462 . 227.13 of the statutes is amended to read:

AB68,1343,16 227.13 Advisory committees and informal consultations. An agency may use informal conferences and consultations to obtain the viewpoint and advice of interested persons with respect to contemplated rule making. An agency may also appoint a committee of experts, interested persons or representatives of the public to advise it with respect to any contemplated rule making. Such a The committee shall have advisory powers only. Whenever an agency appoints a committee under this section, the agency shall submit a list of the members of the committee to the joint committee for review of administrative rules.

AB68,2463 Section 2463 . 227.26 (2) (im) of the statutes is repealed.

AB68,2464 Section 2464 . 227.57 (11) of the statutes is amended to read:

AB68,1343,22 227.57 (11) Upon review of an agency action or decision affecting a property owner's use of the property owner's property, the court shall accord no deference to the agency's interpretation of law if the agency action or decision restricts the property owner's free use of the property owner's property.

AB68,2465 Section 2465 . 229.425 of the statutes is created to read:

AB68,1344,2 229.425 Creation of a district, city of Superior. (1) Provisions that do not apply to certain districts. With regard to any district that is created by the city of Superior on or after the effective date of this subsection .... [LRB inserts date], the following provisions do not apply:

AB68,1344,3 (a) Section 229.40.

AB68,1344,4 (b) Section 229.50 (1) (a) and (e).

AB68,1344,5 (c) Subchapter IX of ch. 77.

AB68,1344,15 (2) Modification of provisions relating to new districts. (a) Definition. With regard to any district that is created by the city of Superior on or after the effective date of this paragraph .... [LRB inserts date], notwithstanding s. 229.41 (6), “exposition center" means one or more related structures, including fixtures and equipment, owned, operated, or leased by a district and used primarily for conventions, expositions, trade shows, musical or dramatic events, other events involving educational, cultural, or commercial activities, or sporting tournaments and intended to be used by transient tourists and to generate tourism activity including paid overnight stays and purchases at establishments where the taxes under s. 77.98 are imposed.

AB68,1344,21 (b) Bonding limitations. 1. The maximum amount of bond proceeds that a district may receive from bonds issued to fund the development and construction of an exposition center is $20,300,000. The district may receive additional proceeds from the bonds to pay issuance or administrative costs related to the bonds, to make deposits in reserve funds related to the bonds, to pay accrued or funded interest on the bonds, and to pay the costs of credit enhancement for the bonds.

AB68,1344,24 2. Notwithstanding the provisions of s. 229.50 (1) (c), the amount of all bonds, other than refunding bonds, that may be secured by all special debt service reserve funds of the district shall not exceed $20,000,000.

AB68,1345,4 (c) Dissolution of a district. Notwithstanding the provisions of s. 229.477, subject to providing for the payment of its bonds, including interest on the bonds, and the performance of its other contractual obligations, a district shall be dissolved by the joint action of the district's board of directors and city of Superior.

AB68,1345,9 (3) Referendum requirements. Before an enabling resolution adopted by the city of Superior under s. 229.42 (1) (a) may take effect, it must be approved by a majority of the electors in the city voting on the resolution at a referendum, to be held at the first spring or general election following by at least 70 days the date of adoption of the resolution.

AB68,2466 Section 2466. 229.46 (1) (ae) of the statutes is created to read:

AB68,1345,12 229.46 (1) (ae) “Disability-owned business” means a business certified by the department of administration under s. 16.289 (3).

AB68,2467 Section 2467. 229.46 (1) (aj) of the statutes is created to read:

AB68,1345,15 229.46 (1) (aj) “Lesbian, gay, bisexual, or transgender-owned business” means a business certified by the department of administration under s. 16.288 (3).

AB68,2468 Section 2468. 229.46 (2) (intro.) of the statutes is amended to read:

AB68,1345,25 229.46 (2) (intro.) A person who is awarded a contract by a district shall agree, as a condition to receiving the contract, that at least 25 percent of the employees hired because of the contract will be minority group members, at least 5 percent of the employees hired because of the contract will be women, and at least 1 percent of the employees hired because of the contract will be employees of a disabled veteran-owned business, at least 1 percent of the employees hired because of the contract will be employees of a lesbian, gay, bisexual, or transgender-owned business, and at least 1 percent of the employees hired because of the contract will be employees of a disability-owned business, if any of the following applies: