AB974,10,22 2. The account beneficiary dies.
AB974,10,33 3. There has been no activity on the account for a period of 10 years.
AB974,10,54 4. Other circumstances determined by the department to be grounds for
5termination occur.
AB974,10,136 (b) Upon the termination of an account under par. (a), the department shall
7distribute any amount remaining in the account to the account owner or the account
8owner's estate. The department shall mail notice of the account termination to the
9last-known address of the account owner. If the department determines that an
10account is subject to termination under par. (a) 2., 3., or 4. and cannot with
11reasonable efforts locate the account owner within one year after making that
12determination, any amount remaining in the account is presumed abandoned under
13s. 177.13.
AB974,10,1914 (c) If the department contributed to an account as provided in sub. (4) (d) 2.,
15and the account beneficiary is not a resident of this state at the time of any
16distribution from the 401Kids savings account, the account owner shall repay to the
17department all contributions received under sub. (4) (d) 2. These payments shall be
18deposited into the 401Kids savings program trust fund and credited to the
19appropriation under s. 20.515 (1) (t).
AB974,10,23 20(7) Contracts with professionals. The department may enter into contracts
21for the services of accountants, attorneys, consultants, or other professionals to
22assist in the administration and evaluation of the 401Kids savings program
23established under this section.
AB974,11,2 24(8) Vendor. (a) The department may, in lieu of administering the program,
25select a vendor to administer the program. The department shall determine the

1factors to be considered in selecting an entity to be a vendor of the program under
2this section. Those factors shall include all of the following:
AB974,11,33 1. The entity's ability to satisfy record-keeping and reporting requirements.
AB974,11,54 2. The fees, if any, that the entity proposes to charge in connection with
5accounts established under this section.
AB974,11,76 3. The entity's plan for promoting the program and the investment that the
7entity is willing to make to promote the program.
AB974,11,98 4. The ability of the entity to augment the program with additional beneficial
9services related to the program.
AB974,11,1410 (b) If the department elects to have a vendor administer the program, the
11department shall solicit competitive sealed proposals using the process under s.
1216.75 (2m) from nongovernmental entities to serve as vendor of the program under
13this section and shall select the vendor on the basis of factors determined by the
14department under par. (a).
AB974,11,1715 (c) If the department elects to have a vendor administer the program, the
16department shall, in the contract between the department and the vendor selected
17under par. (b), require the vendor to do all of the following:
AB974,11,1918 1. Reimburse the state for all administrative costs that the state incurs for the
19program.
AB974,11,2120 2. Select a firm of certified public accountants, cause that firm to annually audit
21the program, and provide a copy of each audit to the department.
AB974,11,2522 3. Provide a quarterly statement to each account owner that identifies the
23contributions to the account during the preceding quarter, the total contributions to
24and the value of the account through the end of the preceding quarter, and any
25distributions made from the account during the preceding quarter.
AB974,12,2
1(9) Rules. The department may promulgate rules to implement and
2administer this section.
AB974,12,8 3(10) Financial aid calculations. The balance of a 401Kids savings account
4may not be included in the calculation of the account beneficiary's eligibility for state
5financial aid for higher education if the account beneficiary or account owner notifies
6the higher educational aids board and the institution of higher education that the
7account beneficiary is planning to attend that he or she is a beneficiary of a 401Kids
8savings account and provides necessary information relating to the account.
AB974,12,12 9(11) Repayment of general fund. (a) The department may charge reasonable
10fees to account owners to cover the costs of administering the program, and to repay
11the general fund for amounts transferred to the fund under s. 20.515 (2) (a) as
12provided in par. (b).
AB974,12,1813 (b) A fee collected under par. (a) shall be deposited in the 401Kids savings
14program trust fund and credited to the appropriation account under s. 20.515 (2) (r).
15From that appropriation, the department shall transfer to the general fund an
16amount equal to the amount expended from the appropriation under s. 20.515 (2) (a)
17when the department determines that the balance in the fund is sufficient to make
18the transfer. The department may transfer that amount in installments.
AB974,14 19Section 14. 48.94 (1) of the statutes is amended to read:
AB974,13,320 48.94 (1) After entry of the order granting the adoption, the clerk of the court
21shall promptly mail a copy thereof to the state bureau of vital records and the
22department of employee trust funds and shall
furnish to the state bureau of vital
23records
any additional data needed for the new birth record. Whenever the parents
24by adoption, or the adopting parent and a birth parent who is the spouse of the
25adopting parent, request, that the birth record for the person adopted be not

1changed, then the court shall so order. In such event no new birth record shall be filed
2by the state registrar, notwithstanding the provisions of s. 69.15 (2) or any other law
3of this state.
AB974,15 4Section 15. 69.14 (1) (a) of the statutes is amended to read:
AB974,13,85 69.14 (1) (a) Filing deadline. A record of birth for every birth that occurs in this
6state shall be filed within 5 days after the birth with the state registrar, who shall
7register the birth under this subchapter. The state registrar shall submit a copy of
8the record of birth to the department of employee trust funds.
AB974,16 9Section 16. 73.03 (77) of the statutes is created to read:
AB974,13,1310 73.03 (77) To implement a program under which, beginning with taxable years
11beginning on January 1, 2022, a person described in s. 40.96 (5) (a) may direct that
12any amount of the individual's tax refund under ch. 71 be contributed to a 401Kids
13savings account established under s. 40.96 (4).
AB974,17 14Section 17. 175.46 (5) (a) of the statutes is amended to read:
AB974,13,2515 175.46 (5) (a) Except as provided in par. (b), any agreement under this section
16shall provide that any Wisconsin law enforcement officer, acting under the
17agreement in another state, shall continue to be covered by his or her employing
18agency for purposes of worker's compensation, unemployment insurance, benefits
19under ch. 40, except subch. X, and civil liability and any officer of another state acting
20in Wisconsin under the agreement shall continue to be covered for worker's
21compensation, unemployment insurance, disability and other employee benefits and
22civil liability purposes by his or her employing agency in his or her home state. Any
23Wisconsin officer acting within an adjoining state, under the agreement, is
24considered while so acting to be in the ordinary course of his or her employment with
25his or her employing Wisconsin law enforcement agency.
AB974,18
1Section 18. Initial applicability.
AB974,14,32 (1) 401Kids savings program. The treatment of ss. 48.94 (1) and 69.14 (1) (a) first
3applies to children born or adopted on the effective date of this subsection.
AB974,14,44 (End)
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