FL H1401

Creates the Florida Facilitated Retirement Program to allow licensed cosmetologists and cosmetology specialists to voluntarily invest in Roth IRA accounts through payroll deductions, with the goal of increasing retirement planning participation and reducing administrative costs through economies of scale.

Establishes a 5-member Florida Facilitated Retirement Program Board to administer the program, chaired by the Chief Financial Officer and including the Secretary of Commerce, the executive director of the State Board of Administration, one Governor-appointed member with retirement plan experience, and one Governor-appointed licensed cosmetologist.

Requires participating employers to facilitate optional payroll deductions for qualified employees and transmit those funds to a board-managed account for investment in individual Roth IRAs in each member's name.

Plan funds are explicitly not state funds, and the program is not a state-administered retirement plan; the board is administratively housed within the State Board of Administration but exercises its powers independently.

The program must be prepared to begin accepting and investing funds by January 1, 2026, with the act taking effect July 1, 2024.