Section 70.03. Board responsibilities.

  The board shall have the following responsibilities in regard to the program:

(1)  Act, at all times, in a manner consistent with that of a trustee with a fiduciary duty to the program and members.

(2)  Determine and implement the most efficient and cost effective method for administration of the program consistent with high quality services to members.

(3)  Establish standards by which the primary administrator shall be evaluated for initial and continued participation in the primary plan.

(4)  Evaluate the performance of the primary administrator, annually, to determine contractual compliance and compliance with standards as established under sub. (3) .

(5)  Declare the board's official support of the primary plan to participating employers and members in the publication prepared by the department as required in s. ETF 70.04 (5) (c) .

(6)  Determine the initial eligibility of any potential alternate administrator that petitions the board to offer an alternate plan based on criteria established in s. ETF 70.06 .

(7)  Evaluate alternate administrators, annually, based on criteria established in s. ETF 70.06 to determine their continued eligibility.

(8)  Define general categories of investment products to be offered under the primary plan and any alternate plan.

(9)  Establish criteria by which specific investment products shall be evaluated for initial and continued participation in the primary plan or any alternate plan.

(10)  Evaluate investment products offered by the administrator, annually, based on criteria established in sub. (9) to determine if the investment product continues to be acceptable for offering by the primary plan or alternate plan.

History: Cr. Register, June, 1992, No. 438 , eff. 7-1-92; CR 11-040 : renum. (1) to (11) to be (intro.) to (10), correction in (4), (5), (10), as renumbered, made under s. 13.92 (4) (b) 7., Stats., Register July 2012 No. 679 , eff. 8-1-12.