Senate Bill 1137 establishes the WisEARNS retirement savings program, aimed at providing a defined contribution retirement 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 will implement a plan that allows employees to contribute to retirement savings accounts through payroll deductions, with automatic enrollment and a default account type of Roth IRA. The plan will also include provisions for emergency withdrawals and investment options for employees. Additionally, the bill outlines the board's responsibilities in selecting vendors and conducting necessary legal analyses before establishing the plan.

Furthermore, 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 50% of the costs associated with setting up and administering a retirement plan, while the second credit rewards businesses that implement automatic enrollment in their plans. The credits are designed to support small businesses in providing retirement savings options to their employees, thereby enhancing financial security for workers in the state.