FL S7038

Creates automatic enrollment in state deferred compensation program for all state employees, with enrollment beginning January 1, 2015 for existing employees and 90 days after hire for new employees hired on or after October 1, 2014.

Requires state agencies to notify employees by October 1, 2014 of automatic enrollment, including procedures to opt out and information about tax consequences and state matching contributions.

Mandates employee contributions of at least $25 monthly or $12.50 biweekly from January 1, 2015 through December 31, 2017, increasing to $50 monthly or $25 biweekly beginning January 1, 2018.

Requires state agencies to match employee contributions up to the lesser of 2 percent of salary per pay period or $100 monthly/$46.15 biweekly, with additional matching up to 25 percent or $500 for authorized bonus payments.

Permits counties, municipalities, other political subdivisions, and constitutional county officers to amend their deferred compensation programs to include automatic enrollment and employer matching contributions.