Assembly Bill 1179 establishes the WisEARNS retirement savings program, aimed at providing a defined contribution retirement savings plan for employees of private employers in Wisconsin who do not offer an employer-sponsored retirement plan. The bill creates a WisEARNS Board, consisting of nine members with specific qualifications, to oversee the program. The board is responsible for establishing the savings plan, which will require automatic participation and enrollment for employees, while allowing them to opt out. The default account type will be a Roth IRA, and the plan will include provisions for payroll deductions, investment options, and emergency withdrawals.

Additionally, the bill introduces two tax credits for small businesses with 100 or fewer employees to incentivize the establishment of retirement plans. The first credit covers costs associated with setting up and administering a retirement plan, while the second credit is for businesses that implement automatic enrollment in their plans. The bill also outlines specific requirements for the board regarding vendor selection and contract management, including conducting cost-benefit analyses and maintaining a list of ineligible vendors. Overall, the bill aims to enhance retirement savings options for employees in Wisconsin and support small businesses in providing these benefits.