Section 70.04. Department responsibilities.

  The department shall be responsible for the following:

(1)  Negotiate and implement contracts with administrators and investment companies.

(2)  Monitor plan administration and ensure contract compliance.

(3)  Develop and maintain a plan document that defines rules and requirements of the program regarding member enrollment in the program, member deferral amounts, distribution of account balances, and administration of the program that will be distributed, by the administrator, to new and current members by request.

(4)  Provide information and recommendations to the board and its committees that shall be necessary to complete the evaluation of the primary and alternate administrator as required in s. ETF 70.03 (4) and (7) and the investment products as required in s. ETF 70.03 (10) .

(5)  Prepare and distribute to members an annual publication that presents a balanced and impartial overview of the primary plan and any alternate plan that includes the following:

(a) Description of investment products and corresponding investment risks.

(b) Full disclosure of all direct and indirect costs to members.

(c) Announcement of the board's official support of the primary plan as required in s. ETF 70.03 (5) .

(d) General information about deferred compensation plans including the maximum deferral amount allowed under internal revenue code section 457.

(6)  Review and approve all material prepared by the primary administrator and alternate administrator to describe the primary plan and alternate plan and investment products to eligible employers, employees and members.

(7)  Review and issue a determination on all requests for emergency withdrawals as defined in s. ETF 70.10 .

(8)  Provide reports to the board at each board meeting that detail emergency withdrawals, enrollment statistics, plan assets and any other information that may be requested by the board.

History: Cr. Register, June, 1992, No. 438 , eff. 7-1-92; CR 11-040 : renum. (1) to (9) to be (intro.) to (8), correction in (5), (6) (c) made under s. 13.92 (4) (b) 7. , Stats., Register July 2012 No. 679 , eff. 8-1-12.