14.63(10m)
(10m) Repayment to general fund. The secretary of administration shall transfer from the tuition trust fund to the general fund an amount equal to the amount encumbered from the appropriations under s.
20.505 (9) (a), 1995 stats., and
s. 20.585 (2) (a) when the secretary of administration determines that funds in the tuition trust fund are sufficient to make the transfer. The secretary of administration may make the transfer in instalments.
14.63(11)(a)(a) Nothing in this section guarantees an individual's admission to, retention by or graduation from any institution of higher education.
14.63(11)(b)
(b) The requirements to pay tuition, fees and the costs of room and board, books, supplies and equipment under
sub. (5) and to make refunds under
sub. (7) are subject to the availability of sufficient assets in the tuition trust fund.
14.63(11m)
(11m) Financial aid calculations. The value of tuition units shall not be included in the calculation of a beneficiary's eligibility for state financial aid for higher education if the beneficiary notifies the higher educational aids board and the institution of higher education that the beneficiary is planning to attend that he or she is a beneficiary of a contract under this section and the contract owner agrees to release to the higher educational aids board and the institution of higher education information necessary for the calculation under this subsection.
14.63(12)
(12) Additional duties and powers of the state treasurer. 14.63(12)(a)(a) The state treasurer shall do all of the following:
14.63(12)(a)1.
1. Annually publish a list of the institutions of higher education located in this state and the number of tuition units necessary to pay for one year of full-time attendance as a resident undergraduate at each institution.
14.63(12)(a)3.
3. Promulgate rules to implement and administer this section.
14.63(12)(b)
(b) The state treasurer may do any of the following:
14.63(12)(b)1.
1. Contract with any person for the management and operation of the program or any part of the program under this section.
14.63(12)(b)2.
2. Keep personal and financial information pertaining to a purchaser of tuition units or a beneficiary of tuition units closed to the public.
14.63(13)
(13) Program termination. If the state treasurer determines that the program under this section is financially infeasible, the state treasurer shall discontinue entering into contracts under
sub. (3) and discontinue selling tuition units under
sub. (4).
14.63 History
History: 1995 a. 403;
1997 a. 27,
158;
1999 a. 9 ss.
52 to
62; Stats. 1999 s. 14.63;
1999 a. 44.
14.64
14.64
College savings program. 14.64(1)
(1) D
efinitions. In this section:
14.64(1)(a)
(a) "Account owner" means an individual who establishes a college savings account under this section.
14.64(1)(b)
(b) "Board" means the college savings program board.
Effective date note
NOTE: Section 14.64 (title) and (1) are created eff. 2-1-01 by
1999 Wis. Act 44.
14.64(2)
(2) Duties of the board. The board shall do all of the following:
14.64(2)(a)
(a) Except as provided in
s. 16.25 [
s. 16.255], establish and administer a college savings program that allows an individual, trust, legal guardian or entity described under
26 USC 529 (e) (1) (C) to establish a college savings account to cover tuition, fees and the costs of room and board, books, supplies and equipment required for the enrollment or attendance of a beneficiary at an eligible educational institution, as defined under
26 USC 529.
14.64 Note
NOTE: The bracketed language indicates the correct cross-reference. Corrective legislation is pending.
14.64(2)(b)
(b) Ensure that the college savings program meets the requirements of a qualified state tuition plan under
26 USC 529.
14.64(2)(c)
(c) Invest the contributions to college savings accounts and pay distributions to beneficiaries and eligible educational institutions.
14.64(2)(d)
(d) Provide to each account owner, and to persons who are interested in establishing a college savings account, information about current and estimated future higher education costs, levels of participation in the college savings program that will help achieve educational funding objectives and availability of and access to financial aid.
14.64(2)(e)
(e) Promulgate rules to implement and administer this section, including rules that determine whether a withdrawal from a college savings account is a qualified or nonqualified withdrawal, as defined under
26 USC 529, and that impose more than a de minimis penalty, as defined under
26 USC 529, for nonqualified withdrawals.
14.64(2)(f)
(f) Seek rulings and guidance from the U.S. department of the treasury, the internal revenue service and the securities and exchange commission to ensure the proper implementation and administration of the college savings program.
14.64(2)(g)
(g) Ensure that if the department of administration changes vendors, the balances of college savings accounts are promptly transferred into investment instruments as similar to the original investment instruments as possible.
14.64(2)(h)
(h) Keep personal and financial information pertaining to an account owner or a beneficiary closed to the public, except that the board may release to the appropriate state agency information necessary in determining a beneficiary's eligibility for state financial aid for higher education.
14.64(3)
(3) Account owners; beneficiaries; contributions; termination of savings accounts. 14.64(3)(a)(a) An account owner may do all of the following:
14.64(3)(a)2.
2. Select a beneficiary of a college savings account.
14.64(3)(a)3.
3. Change the beneficiary of a college savings account to a family member, as defined under
26 USC 529, of the previous beneficiary.
14.64(3)(a)4.
4. Transfer all or a portion of a college savings account to another college savings account whose beneficiary is a member of the family.
14.64(3)(a)5.
5. Designate a person other than the beneficiary as a person to whom funds may be paid from a college savings account.
14.64(3)(a)6.
6. Receive distributions from a college savings account if no other person is designated.
14.64(3)(b)
(b) An individual may be the beneficiary of more than one college savings account, and an account owner may be the beneficiary of a college savings account that the account owner has established.
14.64(3)(c)
(c) The board shall establish a minimum initial contribution to a college savings account that may be waived if the account owner agrees to contribute to a college savings account through a payroll deduction or automatic deposit plan. The board shall ensure that any such plan permits the adjustment of scheduled deposits because of a change in the account owner's economic circumstances or a beneficiary's educational plans.
14.64(3)(d)
(d) An account owner under this section may terminate his or her college savings account if any of the following occurs:
14.64(3)(d)1.
1. The beneficiary dies or is permanently disabled.
14.64(3)(d)2.
2. The beneficiary graduates from high school but is unable to gain admission to an institution of higher education after a good faith effort.
14.64(3)(d)3.
3. The beneficiary attended an institution of higher education but involuntarily failed to complete the program in which he or she was enrolled.
14.64(3)(d)4.
4. The beneficiary is at least 18 years old and one of the following applies:
14.64(3)(d)4.b.
b. The beneficiary has decided not to attend an institution of higher education.
14.64(3)(d)4.c.
c. The beneficiary attended an institution of higher education but voluntarily withdrew without completing the program in which he or she was enrolled.
14.64(3)(d)5.
5. Other circumstances determined by the board to be grounds for termination.
14.64(3)(e)
(e) The board shall terminate a college savings account if any portion of the college savings account balance remains unused 10 years after the anticipated academic year of the beneficiary's initial enrollment in an eligible educational institution.
14.64(4)
(4) Contracts with professionals. The board may enter into a contract for the services of accountants, attorneys, consultants and other professionals to assist in the administration and evaluation of the college savings program.
14.64(5)
(5) Report. Annually, the board shall submit a report to the governor, and to the appropriate standing committees of the legislature under
s. 13.172 (3), on the performance of the college savings program, including any recommended changes to the program.
14.64(6)
(6) Construction. Nothing in this section guarantees an individual's admission to, retention by or graduation from any institution of higher education; a rate of interest or return on a college savings account; or the payment of principal, interest or return on a college savings account.
14.64(7)
(7) Exemption from garnishment, attachment and execution; security for loan. 14.64(7)(a)(a) A beneficiary's right to qualified withdrawals under this section is not subject to garnishment, attachment, execution or other process of law.
14.64(7)(b)
(b) No interest in a college savings account may be pledged as security for a loan.
14.64(8)
(8) Financial aid calculations. The balance of a college savings account shall not be included in the calculation of a beneficiary's eligibility for state financial aid for higher education if the beneficiary notifies the higher educational aids board and the eligible educational institution that the beneficiary is planning to attend that he or she is a beneficiary of a college savings account and if the account owner agrees to release to the higher educational aids board and the eligible educational institution information necessary for the calculation under this subsection.
14.64 History
History: 1999 a. 44.
INTERSTATE BODIES AND AGREEMENTS
14.76
14.76
Interstate compacts. 14.76(1)(1) This section shall apply to the establishment of agreements not affecting the sovereignty of the United States.
14.76(2)
(2) Any state agency may agree by compact with other states to apply existing standards for residents to nonresidents if the laws or regulations of the states with which such compacts are made are similarly applied to Wisconsin residents. The compact shall be effective when approved by joint resolution adopted by the legislature.
14.76(3)
(3) Any state agency may negotiate compacts with similar agencies in other states relating to the treatment of nonresidents on subjects within its delegated powers but on which no legislation providing standards has been enacted. Such compacts shall be submitted to the legislature and shall be effective when approved as are bills.
14.76(4)
(4) Each compact shall as nearly as possible set forth:
14.76(4)(a)
(a) The statutory authority for the delegated power under which the agency is proceeding.
14.76(4)(b)
(b) The legal effect of the compact as shown by the amendments to statutes and rules in the applicable states required to accomplish the objectives of the compact.
14.76(4)(e)
(e) The standards established by the compact.
14.76(4)(f)
(f) The procedures contemplated by the compact.
14.76 History
History: 1971 c. 62;
1983 a. 308.
14.78
14.78
Great Lakes compact commission. 14.78(1)
(1)
Members; terms. There is created a Great Lakes compact commission consisting of 3 commissioners appointed by the governor. The commissioners shall be persons having knowledge of and interest in problems of the Great Lakes basin. One commissioner, appointed for an indefinite term, shall be a state officer or employee and shall serve as secretary of the Great Lakes compact commission. The other commissioners shall be appointed for terms of 4 years. The commissioners shall receive no salaries but shall be reimbursed for actual and necessary expenses.
14.78(2)
(2) Duties. It is the duty of the Wisconsin Great Lakes compact commission:
14.78(2)(a)
(a) To represent this state on the Great Lakes commission created by the Great Lakes basin compact ratified and enacted by
chapter 275, laws of 1955, and through such representation to perform the functions of the Great Lakes commission in conjunction with the commissioners of other party states. Whenever a vote is required by the terms of the Great Lakes basin compact, each member of the Wisconsin Great Lakes compact commission is authorized to cast the same proportion of the 3 votes to which the state of Wisconsin is entitled under the compact as each of the other members of the Wisconsin Great Lakes compact commission.
14.78(2)(b)
(b) To maintain a continuing investigation of the project of connecting the Great Lakes with the Atlantic ocean by means of the Welland canal and the St. Lawrence River and to urge upon congress the enactment of additional appropriate legislation to enable the full development of such waterway, the commission to work in conjunction with similar commissions in other states and with other interested groups and agencies in the promotion of such project.
14.78(2)(c)
(c) To direct and execute a program of education in such form as the commission may determine, in support of the projects for development of the St. Lawrence seaway and the deepening of the Great Lakes connecting channels, using not to exceed the amount of funds appropriated for that purpose.
14.78(2)(d)
(d) To report biennially in accordance with
s. 15.04 (1) (d), and to make such other reports as are requested by the governor or which it deems appropriate.
