Section 40.85 - Employee-funded reimbursement account plan(1) The board shall select and contract with employee-funded reimbursement account plan providers to be used by state agencies.(2) The board shall do all of the following: (a) Determine the requirements for and the qualifications of the employee-funded reimbursement account plan providers.(b) Approve the terms and conditions of the proposed contracts for administrative and related services.(c) Determine the procedure for the selection of the employee-funded reimbursement account plan providers in accordance with s. 16.705.(d) Approve the terms and conditions of model agreements which shall be used by each state employee to establish an employee-funded reimbursement account.(e) Require as a condition of the contractual agreements entered into under this section that approved employee-funded reimbursement account plan providers may provide service to state agencies only as approved by the board.(f) Require as a condition of the contracts entered into under sub. (1) that the employee-funded reimbursement account plan providers reimburse the department, to be credited to the administrative account of the public employee trust fund under s. 40.04(2) (c), for administrative costs incurred by the department in connection with employee-funded reimbursement account plans.(g) Deposit into the appropriate accounts established under s. 40.04(9m) (a) that part of an employee's gross compensation that the employee wants placed in each employee-funded reimbursement account.1987 a. 399; 1989 a. 14; 2001 a. 16.