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15.185
(6) Small business retirement savings board. (a) There is created a
11small business retirement savings board that is attached to the department of
12financial institutions under s. 15.03. The board shall consist of the following
13members:
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1. The secretary of financial institutions or his or her designee.
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2. One member who has a favorable reputation for skill, knowledge, and
16experience in the field of retirement saving and investments, appointed by the
17governor.
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3. One member who has a favorable reputation for skill, knowledge, and
19experience relating to small business, appointed by the governor.
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4. One member who is a representative of an association representing
21employees or who has a favorable reputation for skill, knowledge, and experience in
22the interests of employees in retirement saving, appointed by the speaker of the
23assembly.
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15. One member who has a favorable reputation for skill, knowledge, and
2experience in the interests of employers in retirement saving, appointed by the
3president of the senate.
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6. One member who has a favorable reputation for skill, knowledge, and
5experience in retirement investment products or retirement plan designs, appointed
6by the secretary of financial institutions.
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7. One member appointed by the investment board.
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(b) The members under par. (a) 2. to 7. shall be appointed for 4-year terms.
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9Section
9. 16.705 (1b) (d) of the statutes is amended to read:
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16.705
(1b) (d) The department of financial institutions under s. 224.51
or the
11small business retirement savings board under s. 224.56.
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16.71
(5r) The department shall delegate authority to the department of
14financial institutions to enter into vendor contracts under s. 224.51
and to the small
15business retirement savings board to enter into vendor contracts under s. 224.56.
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16Section
11. 20.144 (4) (title) of the statutes is created to read:
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20.144
(4) (title)
Small business retirement savings program.
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18Section
12. 20.144 (4) (a) of the statutes is created to read:
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20.144
(4) (a)
General program operations. The amounts in the schedule for
20the small business retirement savings program under s. 224.56.
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21Section
13. 20.144 (4) (g) of the statutes is created to read:
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20.144
(4) (g)
Program operations; other funds. All moneys received for the
23small business retirement savings program under s. 224.56, for the purposes for
24which received.
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1224.56 Small business retirement savings program. (1) Definitions. In
2this section:
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(a) “Account" means a retirement savings account established for an eligible
4employee under the program under this section.
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(b) “Board" means the small business retirement savings board.
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(c) “Eligible employee” means an individual who resides in this state and who
7is any of the following:
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1. Employed by a private employer that does not offer a retirement savings
9plan.
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2. Employed by a private employer and not eligible to participate in a
11retirement savings plan offered by the private employer.
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(d) “Investment administrator” means the vendor with which the board has
13contracted under sub. (2) (b).