AB1170,10,17 3. A low-cost fund focused on income generation.

AB1170,10,18 4. A low-cost fund focused on asset growth.

AB1170,10,19 5. A low-cost fund focused on balancing risk and return.

AB1170,10,20 (f) The investment policy for the plan includes all of the following concepts:

AB1170,10,21 1. Best practices in the industry for retirement savings vehicles.

AB1170,10,22 2. The promotion of portability of retirement savings accounts.

AB1170,10,23 3. The minimization of fees and expenses.

AB1170,10,25 4. The maximization of possible income replacement, balanced with appropriate levels of risk.

AB1170,11,5 (g) The plan requires 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 plan.

AB1170,11,15 (h) The plan requires that the first $400 of an enrolled eligible employee's contributions be deposited in a WisEARNS savings account and thereafter, unless the employee selects a different investment option, the employee's contributions be to a WisEARNS retirement account and deposited in a fund described in par. (e) 2. The plan shall allow an employee to select a different investment option before the first $400 is deposited in a WisEARNS retirement account. An employee shall be allowed to withdraw the first $400 for emergency use from the employee's WisEARNS savings account, and contributions subsequent to the withdrawal shall be deposited in the WisEARNS savings account until the amount in the employee's WisEARNS savings account is restored to $400.

AB1170,11,20 (i) Except as provided in par. (k), during an eligible employee's first year of enrollment in the plan, 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.

AB1170,11,23 (j) Except as provided in par. (k), a participating employer shall increase the payroll deduction rate under par. (i) by 1 percent per year until the payroll deduction rate is the maximum allowed under the Internal Revenue Code.

AB1170,12,3 (k) An enrolled eligible employee may elect a different payroll deduction rate than that provided for in pars. (i) and (j), except that the rate may not be less than 1 percent or more than the maximum allowed under the Internal Revenue Code.

AB1170,12,5 (L) The plan sets forth a process for enrollment of eligible employees in the plan, which shall include all of the following processes:

AB1170,12,6 1. Automatic enrollment of eligible employees in the plan.

AB1170,12,7 2. Opting out of enrollment in the plan before any payroll deduction is made.

AB1170,12,9 3. Opting out of enrollment in the plan at any time after a payroll deduction is made.

AB1170,12,11 4. Changing the payroll deduction rate from that provided for in pars. (i) and (j)

AB1170,12,12 (m) The plan provides a process for all of the following:

AB1170,12,15 1. Employer withholding from employees' wages contributions to WisEARNS accounts and remittance of those contributions to the investment administrator of the plan.

AB1170,12,17 2. Eligible employees' and self-employed individuals' nonpayroll contributions to their WisEARNS retirement accounts.

AB1170,12,19 3. Emergency withdrawals from WisEARNS savings accounts in accordance with procedures established by the board under sub. (7) (f).

AB1170,12,21 (n) The plan requires contributions to WisEARNS accounts to be deposited directly with the investment administrator of the plan.

AB1170,12,24 (o) The plan, to the greatest extent possible, uses existing employer and public infrastructure to facilitate contributions to WisEARNS accounts and outreach to employees and private employers.

AB1170,13,2 (p) The plan prohibits employer contribution to an employee WisEARNS account.

AB1170,13,5 (q) The plan requires the maintenance of separate records and accounting for each WisEARNS account and provides for reports on the status of accounts to be provided to plan participants at least once per quarter.

AB1170,13,9 (r) The plan allows the owner of a WisEARNS retirement account to maintain that account regardless of his or her place of employment and to roll over money from that account to other retirement accounts as allowed under the Internal Revenue Code.

AB1170,13,11 (s) The plan provides for the pooling of WisEARNS retirement accounts for investment purposes by the investment administrator of the plan.

AB1170,13,15 (t) The plan is professionally managed in a way that keeps administrative costs low. The plan shall allow the investment administrator of the plan to charge and collect application, account, and administrative fees in an amount that does not exceed an amount that is sufficient to defray the costs of administering the plan.