Section Adm 95.12 - Program administrator qualifications(1) Pursuant to a fair and equitable procurement process adopted by the department, and based upon the provisions of s. 16.75, Stats., the department shall contract with one or more program administrators to offer a length of service award program. A program administrator awarded a contract shall comply with all of the following: (a) Have at least 5 years experience administering a length of service award program as described in section 457 of the internal revenue code, or a deferred compensation program as provided for therein. The program administrator's experience shall include administering at least one program that has a participation level of 1,000 or more individual members, multiple participating jurisdictions, and consolidated record keeping for all investment options offered.(b) Have marketing and enrollment services that include the following:1. At least annual contacts to each participating municipality and VFF-EMT describing the program and the investment options offered by the program administrator.2. Presentations to all participating municipalities and VFF-EMT participants that include full disclosure of all direct and indirect fees and costs of the program as well as advantages and disadvantages of participating investment options offered by the program administrator.3. Literature and forms regarding the program and the investment options offered by the program administrator to be distributed to all participating municipalities and VFF-EMT participants that are in a format approved by the department.(c) Have services that provide unlimited opportunities to increase or decrease contributions and to redirect contributions to other investment options offered by the program administrator.(d) Have accounting procedures and consolidated record keeping for account transactions that maintain all participating municipalities' and VFF-EMT participants' records and submits deposits, transfers, and withdrawals to the investment companies offering investment options under the program.(e) Have membership in good standing by the program administrator or the manager of any investment options offered in an organization customary in the program administrator's or investment manager's industry that provides protection against loss.(f) Have no litigation risks or involvement in pending regulatory action deemed by the department or the department to be material to the continued operations of the program administrator.(2) The department shall consider the financial strength of a program administrator or an entity affiliated with the program administrator for purposes of operating a program, on the basis of its net worth and the ratio of net worth to present or projected assets under management.Wis. Admin. Code Department of Administration Adm 95.12
Renumbered from VFF-EMT 1.12, corrections in (1) (intro.), (b) 3., (f), (2) made under s. 13.92(4) b) 6., Stats., Register December 2015 No. 720, eff.1/1/2016