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. 16.255, 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(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) Establish investment guidelines for 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 may 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;
2001 a. 7,
38.
14.64 Cross-reference
Cross Reference: See also ch.
Treas 1, Wis. adm. code.
14.65
14.65
Repayment to the general fund. 14.65(1)
(1) The secretary of administration shall transfer from the tuition trust fund, the college savings program trust fund, the college savings program bank deposit trust fund, or the college savings program credit union deposit trust fund to the general fund an amount equal to the amount expended from the appropriations under s.
20.505 (9) (a), 1995 stats., s.
20.585 (2) (a), 2001 stats., and s.
20.585 (2) (am), 2001 stats., when the secretary of administration determines that funds in those trust funds are sufficient to make the transfer. The secretary of administration may make the transfer in installments.
14.65(2)
(2) Annually, by June 1, the state treasurer shall submit a report to the secretary of administration and the joint committee on finance on the amount available for repayment under
sub. (1), the amount repaid under
sub. (1), and the outstanding balance under
sub. (1).
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.
14.78(3)
(3) Financing commission. The Great Lakes compact commission may annually contribute to the Great Lakes commission not to exceed the amount appropriated for that purpose.
14.78(4)
(4) State officers to aid commission. It is the policy of the state to carry out the Great Lakes basin compact and to accomplish the purposes thereof, and all officers of the state shall do all things falling within their respective jurisdictions necessary or incidental to carrying out such compact. Officers, agencies and employees of the state government shall, at reasonable times and upon the request of the Great Lakes commission, furnish such commission with information and data within their possession and aid such commission by loan of personnel and other means lying within their respective legal powers.
14.78 History
History: 1975 c. 39,
198;
1977 c. 196 s.
131.
14.81
14.81
Midwest interstate low-level radioactive waste commission. 14.81(1)(1) There is created a midwest low-level radioactive waste commission as specified under
s. 16.11 (3) (a). The member of the commission representing this state shall be nominated by the governor, and with the advice and consent of the senate appointed, to serve at the pleasure of the governor. The commission member representing this state shall receive a per diem of $25, unless he or she is a salaried full-time employee of this state, and shall be reimbursed for actual and necessary expenses incurred in the performance of his or her duties on the commission. Per diem payments and expenses of the commissioner shall be paid from the appropriation under
s. 20.505 (1) (g). The commission has the powers and duties granted and imposed under
s. 16.11.
14.81(2)
(2) In discharging his or her responsibilities under
s. 16.11, the commission member representing this state shall:
14.81(2)(a)
(a) Designate an alternate commission member and notify the governor and legislature of this designation within 30 days after being appointed.
14.81(2)(c)
(c) Notify the governor and legislature if:
14.81(2)(c)2.
2. The commission proposes to impose any liability on the state under
s. 16.11.
14.81(2)(c)3.
3. He or she has reason to believe that the state should withdraw from the midwest interstate low-level radioactive waste compact specified in
s. 16.11.
14.81(3)
(3) In negotiating and developing the bylaws, disposal plan and other appropriate documents as a member of the commission, the commission member representing this state shall:
14.81(3)(a)
(a) Promote this state's interest in including insurance requirements and an extended care and long-term liability fund as a part of the disposal plan or other appropriate documents.
14.81(3)(b)
(b) Encourage the pursuit of sound low-level radioactive waste management practices including minimizing the dependence on the shallow burial of this type of waste.
14.81(3)(c)
(c) Promote this state's interest in an equitable distribution and rotation of responsibilities among member states under the compact.
14.81(3)(d)
(d) Encourage, to the fullest extent of his or her influence and authority, actions and procedures which permit and encourage full and meaningful public access and participation in the commission's proceedings including informal meetings and meetings of committees and subcommittees of the commission and full and meaningful public access to commission records and documents.
14.81(3)(e)
(e) Encourage the establishment of a fee system which provides for adequate compensation to local units of government which are affected by the siting of a regional low-level radioactive waste disposal facility.
14.81(3)(f)
(f) Promote the right of this state under
s. 16.11 (5) (b) to have all low-level radioactive wastes generated within its borders, including low-level radioactive wastes generated at the La Crosse boiling water reactor constructed under section 109 of
P.L. 87-315, disposed of at compact facilities, as defined in
s. 16.11 (2) (d), or any noncompact facility made available by an agreement entered into under
s. 16.11 (3) (h) 6.
14.81 History
History: 1983 a. 393;
1995 a. 115.
14.83
14.83
Interstate insurance receivership commission. There is created an interstate insurance receivership commission as specified in
s. 601.59 (3). The member of the commission representing this state shall be the commissioner of insurance or his or her designated representative. The commission member shall serve without compensation but shall be reimbursed from the appropriation under
s. 20.145 (1) (g) for actual and necessary expenses incurred in the performance of his or her duties. The commission has the powers and duties granted and imposed under
s. 601.59.
14.83 History
History: 1995 a. 462
