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FL S1068
Bill
AI Summary
- Authorizes the inclusion of automatic enrollment arrangements in deferred compensation plans for Florida government employees, under which compensation is automatically deducted and contributed to the plan unless the employee opts out or chooses a different contribution rate
- Requires automatic enrollment arrangements to establish a default contribution rate and a default investment option for contributions when an employee does not make an active investment election
- Permits periodic reenrollment of eligible non-participating employees and periodic resetting of contribution rates for employees contributing below the default rate
- Counties, municipalities, political subdivisions, and constitutional county officers may adopt automatic enrollment arrangements by ordinance or contract, but the state's own deferred compensation plan may only adopt automatic enrollment with explicit legislative approval (not by the Chief Financial Officer's authority alone)
- Amends wage deduction statutes (ss. 110.114 and 112.171, F.S.) to treat salary deductions made under an automatic enrollment arrangement as if authorized and requested by the employee, with an effective date of July 1, 2025
Legislative Description
Deferred Compensation Plans for Public Employees
Last Action
Died in Governmental Oversight and Accountability
6/16/2025
Full Bill Text
No bill text available