AB43: Bill Text

AB43,1337,7 224.56 Small business retirement savings program. (1) Definitions. In this section:

AB43,1337,9 (a) “Account" means a retirement savings account established for an eligible employee under the program under this section.

AB43,1337,10 (b) “Board" means the small business retirement savings board.

AB43,1337,12 (c) “Eligible employee” means an individual who resides in this state and who is any of the following:

AB43,1337,14 1. Employed by a private employer that does not offer a retirement savings plan.

AB43,1337,16 2. Employed by a private employer and not eligible to participate in a retirement savings plan offered by the private employer.

AB43,1337,18 (d) “Investment administrator” means the vendor with which the board has contracted under sub. (2) (b).

AB43,1337,20 (e) “Participating employer” means a private employer that qualifies for and has elected to participate in the program as provided in sub. (4) (a).

AB43,1337,21 (f) “Roth IRA” has the meaning given in 26 USC 408A (b).

AB43,1337,23 (g) “Traditional IRA” means an individual retirement account under 26 USC 408.

AB43,1338,3 (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.

AB43,1338,6 (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:

AB43,1338,7 1. Investment services.

AB43,1338,8 2. Accounting and record-keeping services.

AB43,1338,9 3. Any other professional services considered necessary by the board.

AB43,1338,11 (3) General program requirements. The board shall design the program under this section so that it meets all of the following requirements:

AB43,1338,15 (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.

AB43,1338,19 (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.

AB43,1338,22 (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.

AB43,1338,24 (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.

AB43,1339,3 (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.

AB43,1339,6 (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.

AB43,1339,11 (g) The program incorporates maximum contribution limits established by the board in accordance with the Internal Revenue Code contribution limits for Roth IRAs, separately and in combination with traditional IRAs, as well as any similar contribution limit for account types other than a Roth IRA if the account type is offered under sub. (5) (a) 2.

AB43,1339,13 (4) Participating employers; eligible employees. (a) A private employer may participate in the program under this section if all of the following apply:

AB43,1339,14 1. The employer does not offer a retirement savings plan to all employees.

AB43,1339,18 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.

AB43,1339,19 3. The employer has at least one employee who is a resident of this state.

AB43,1339,25 (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.

AB43,1340,3 (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.

AB43,1340,7 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.

AB43,1340,10 (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:

AB43,1340,11 a. A stable value or capital preservation fund.

AB43,1340,13 b. A target date index fund or age-based fund that automatically rebalances asset allocations based on the eligible employee's age.

AB43,1340,14 c. A low-cost fund focused on income generation.

AB43,1340,15 d. A low-cost fund focused on asset growth.

AB43,1340,16 e. A low-cost fund focused on balancing risk and return.

AB43,1340,21 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.

AB43,1340,25 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.

AB43,1341,5 (c) 1. Except as provided in subds. 3. and 4., 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.

AB43,1341,8 2. Except as provided in subds. 3. and 4., 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.

AB43,1341,11 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.

AB43,1341,15 4. A participating employer shall make a good faith effort to establish an employee's payroll deduction at a rate that will not result in the employee's total annual contributions exceeding the contribution limits established under sub. (3) (g), but the participating employer is not responsible if excess contributions occur.

AB43,1341,19 (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.

AB43,1341,21 (b) The program shall require the maintenance of separate records and accounting for each account.

AB43,1341,23 (7) Abandoned accounts. (a) An account is considered abandoned if any of the following applies:

AB43,1341,25 1. There has been no account activity for at least 6 months and the account balance is less than $250.

AB43,1342,1 2. There has been no account activity for at least 2 years.

AB43,1342,4 (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.

AB43,1342,6 (8) Powers of board; departmental assistance; rules. (a) The board may do any of the following:

AB43,1342,9 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.

AB43,1342,13 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.

AB43,1342,15 3. Exercise any other powers necessary to establish and oversee the program under this section or otherwise carry out the purposes of this section.

AB43,1342,16 4. Promulgate rules to carry out the purposes of this section.

AB43,1342,20 (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.

AB43,2449 Section 2449 . 224.77 (1) (o) of the statutes is amended to read:

AB43,1343,4 224.77 (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.

AB43,2450 Section 2450 . 227.01 (13) (Lw) of the statutes is created to read:

AB43,1343,6 227.01 (13) (Lw) Adjusts the minimum wage under s. 104.035 (8m).

AB43,2451 Section 2451 . 227.01 (13) (t) of the statutes is created to read:

AB43,1343,11 227.01 (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.

AB43,2452 Section 2452. 227.01 (13) (zxm) of the statutes is created to read:

AB43,1343,14 227.01 (13) (zxm) Establishes or adjusts a renewal date or renewal cycle for credentials that are subject to periodic renewal under s. 440.08 (2) (a) 1n.

AB43,2453 Section 2453 . 227.10 (2g) of the statutes is repealed.

AB43,2454 Section 2454 . 227.11 (title) of the statutes is amended to read:

AB43,1343,18 227.11 (title) Agency Extent to which chapter confers rule-making authority.

AB43,2455 Section 2455 . 227.11 (3) of the statutes is repealed.

AB43,2456 Section 2456 . 227.13 of the statutes is amended to read:

AB43,1344,3 227.13 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.

AB43,2457 Section 2457 . 227.26 (2) (im) of the statutes is repealed.

AB43,2458 Section 2458 . 227.57 (11) of the statutes is amended to read:

AB43,1344,9 227.57 (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.

AB43,2459 Section 2459 . 229.46 (1) (ae) of the statutes is created to read:

AB43,1344,12 229.46 (1) (ae) “Disability-owned business” means a business certified by the department of administration under s. 16.289 (3).

AB43,2460 Section 2460. 229.46 (1) (ag) of the statutes is renumbered 229.46 (1) (bm) and amended to read:

AB43,1344,16 229.46 (1) (bm) “Disabled veteran-owned Veteran-owned business" means a business certified by the department of administration under s. 16.283 (3).

AB43,2461 Section 2461 . 229.46 (1) (aj) of the statutes is created to read:

AB43,1344,19 229.46 (1) (aj) “Lesbian, gay, bisexual, or transgender-owned business” means a business certified by the department of administration under s. 16.288 (3).

AB43,2462 Section 2462 . 229.46 (2) (intro.) of the statutes is amended to read:

AB43,1345,4 229.46 (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:

AB43,2463 Section 2463 . 229.46 (3) (intro.) of the statutes is amended to read:

AB43,1345,15 229.46 (3) (intro.) At least 25 percent of the aggregate dollar value of contracts awarded by the district in the following areas shall be awarded to minority businesses, at least 5 percent of the aggregate dollar value of contracts awarded by the district in the following areas shall be awarded to women's businesses, and at least 1 percent of the aggregate dollar value of contracts awarded by the district in the following areas shall be awarded to disabled veteran-owned businesses, at least 1 percent of the aggregate dollar value of contracts awarded by the district in the following areas shall be awarded to lesbian, gay, bisexual, or transgender-owned businesses, and at least 1 percent of the aggregate dollar value of contracts awarded by the district in the following areas shall be awarded to a disability-owned business:

AB43,2464 Section 2464. 229.64 (1) of the statutes is amended to read:

AB43,1346,4 229.64 (1) The legislature determines that the provision of assistance by state agencies to a district under this subchapter, and any appropriation or grant of funds to a district under this subchapter or s. 16.09 or 20.505 (1) (bm) and the moral obligation pledge under s. 229.74 (7) serve a statewide public purpose by assisting the development, construction, improvement, repair, and maintenance of a professional baseball park facilities in the state for providing recreation, by encouraging economic development and tourism, by preserving business activities within the state, by generating additional tax revenues that would not exist without the baseball park facilities, by reducing unemployment, and by bringing needed capital into the state for the benefit and welfare of people throughout the state. The legislature determines that the taxes that may be imposed by a district under subch. V of ch. 77 are special taxes that are generated apart from any direct annual tax on taxable property.

AB43,2465 Section 2465 . 229.65 (1) of the statutes is renumbered 229.65 (1s) and amended to read:

AB43,1346,12 229.65 (1s) “Baseball park facilities" means property, tangible or intangible, owned in whole or in substantial part, operated or leased by a district that is principally for the support or performance of professional baseball operations including parking lots, garages, restaurants, parks, concession facilities, entertainment facilities, and transportation facilities, and other functionally related or auxiliary facilities or structures.

AB43,2466 Section 2466 . 229.65 (1m) of the statutes is created to read:

AB43,1346,19 229.65 (1m) “Baseball park development” means property, other than baseball park facilities, tangible or intangible, operated by a professional baseball team on real estate leased or subleased from a district that is part of the operations of the professional baseball team for any legally permissible use, including retail facilities, hospitality facilities, commercial and residential facilities, health care facilities, and any other functionally related or auxiliary facilities or structures.

AB43,2467 Section 2467. 229.65 (6m) of the statutes is created to read:

AB43,1346,25 229.65 (6m) “Professional baseball team” means a baseball team that is a member of a league of professional baseball teams that have home stadiums approved by the league in at least 10 states and a collective average attendance for all league members of at least 10,000 persons per game over the 5 years immediately preceding the effective date of this subsection .... [LRB inserts date].