(1) Based upon a
request for proposal process, the board shall contract with one primary
administrator to offer the primary plan that is approved and officially
supported by the board. The administrator awarded the contract for the primary
plan shall have:
(a) At least 5 years
experience administering other section 457 deferred compensation programs. The
administrator's experience shall include administering at least one program
that meets each of the following:
1.
Participation level of 30,000 members or more.
2. Program involves multiple payroll
reporting agencies.
3. Record
keeping includes consolidated record keeping for all investment products that
are offered.
(b)
Marketing and enrollment services that include the following:
1. A staffed office located in Madison and
field representatives to provide services to all areas of the state.
2. Contacts to each eligible employee at
least annually to describe the plan being offered by this
administrator.
3. Frequent
enrollment opportunities at intervals established by the board.
4. Presentations to employees that include
full disclosure of all direct and indirect costs to members as well as
advantages and disadvantages of participating in the plan offered by this
administrator.
5. Literature and
forms regarding the plan to be distributed to employees and payroll personnel
that are in a form approved by the department.
(c) Member services that include the
following:
1. Unlimited opportunities to
increase or decrease deferral amounts.
2. Unlimited opportunities to redirect
deferral amounts to any other investment product offered by the
administrator.
(d)
Accounting procedures and consolidated record keeping for member account
transactions that maintains all individual member records and submits
deferrals, transfers and withdrawals to the investment companies offering
investment products to the primary plan.
(2) The potential administrator shall agree
to return all interest earned on idle funds of the plan that are held by the
administrator to the department to offset plan costs.
(3) The potential administrator shall provide
the necessary financial disclosure for assurance of its financial
soundness.
(4) The investment
products offered by the primary administrator shall meet the criteria in s.
ETF 70.03(9) and be approved by the
board.
(5) The primary
administrator shall provide an annual report to the board illustrating the
investment performance of all investment products offered by the primary plan,
as measured by criteria established under s.
ETF 70.03(8).
