Wis. Admin. Code Department of Employee Trust Funds ETF 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, biennially, 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.
Notes
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