Florida SB 1018: Largemouth Bass

Bill Text

1018 
Deferred Compensation Plans for Public Employees 
2025-12-29T06:08:30Z 
Citing this act as the "Deferred Compensation Automatic Enrollment Act"; authorizing the inclusion of an automatic enrollment arrangement in a government employee’s deferred compensation plan; requiring that the automatic enrollment arrangement provide employees the ability to make certain elections regarding contributions; requiring that the plan provide for a default investment into which contributions must be placed under a specified circumstance; authorizing counties, municipalities, political subdivisions, and constitutional county officers to adopt automatic enrollment arrangements for specified deferred compensation programs, etc. 
Original Filed Version 
2026 
S 
2026-07-01T00:00:00Z 
GB 
General Bill 
__ 

 Florida Senate - 2026 SB 1018 

 By Senator Truenow 

 13-01050A-26 20261018__ 
 1 A bill to be entitled 
 2 An act relating to deferred compensation plans for 
 3 public employees; providing a short title; amending s. 
 4 112.215, F.S.; authorizing the inclusion of an 
 5 automatic enrollment arrangement in a government 
 6 employee’s deferred compensation plan; requiring that 
 7 the automatic enrollment arrangement be established 
 8 with a default contribution rate; authorizing the 
 9 periodic reenrollment of specified government 
 10 employees; authorizing the periodic resetting of 
 11 contribution rates for specified government employees; 
 12 requiring that the automatic enrollment arrangement 
 13 provide employees the ability to make certain 
 14 elections regarding contributions; requiring that the 
 15 plan provide for a default investment into which 
 16 contributions must be placed under a specified 
 17 circumstance; authorizing counties, municipalities, 
 18 political subdivisions, and constitutional county 
 19 officers to adopt automatic enrollment arrangements 
 20 for specified deferred compensation programs; 
 21 providing that the deferred compensation plan of the 
 22 state may adopt an automatic enrollment arrangement 
 23 only upon the approval of the Legislature; amending 
 24 ss. 110.114 and 112.171, F.S.; requiring that a 
 25 certain deduction of the wages or salary of employees 
 26 be treated in a specified manner; providing an 
 27 effective date. 
 28 
 29 Be It Enacted by the Legislature of the State of Florida: 
 30 
 31 Section 1. This act may be cited as the “Deferred 
 32 Compensation Automatic Enrollment Act.” 
 33 Section 2. Subsection (3) of section 112.215, Florida 
 34 Statutes, is amended to read: 
 35 112.215 Government employees; deferred compensation 
 36 program.— 
 37 (3)(a) In accordance with a plan of deferred compensation 
 38 which has been approved as herein provided, the state or any 
 39 state agency, county, municipality, other political subdivision, 
 40 or constitutional county officer may, by contract or a 
 41 collective bargaining agreement, agree with any employee to 
 42 defer all or any portion of that employee’s otherwise payable 
 43 compensation and, pursuant to the terms of such approved plan 
 44 and in such proportions as may be designated or directed under 
 45 that plan, place such deferred compensation in savings accounts 
 46 or use the same to purchase fixed or variable life insurance or 
 47 annuity contracts, securities, evidence of indebtedness, or such 
 48 other investment products as may have been approved for the 
 49 purposes of carrying out the objectives of such plan. Such 
 50 insurance, annuity, savings, or investment products must shall 
 51 be underwritten and offered in compliance with the applicable 
 52 federal and state laws and regulations by persons who are duly 
 53 authorized by the applicable state and federal authorities. 
 54 (b) Such plan of deferred compensation may include an 
 55 automatic enrollment arrangement under which a government 
 56 employee’s otherwise payable compensation is deducted and 
 57 contributed to the plan unless the government employee elects 
 58 not to contribute or elects to contribute a different rate or 
 59 amount. Such automatic enrollment arrangement must establish a 
 60 default contribution rate, may provide for the periodic 
 61 reenrollment of government employees eligible but not 
 62 participating in the plan, and may allow the periodic resetting 
 63 of contribution rates for government employees contributing at 
 64 rates lower than those established by the automatic enrollment 
 65 arrangement. 
 66 (c) An automatic enrollment arrangement must provide that a 
 67 government employee may, at any time, elect not to contribute to 
 68 the plan or may elect to contribute to the plan at a different 
 69 rate or amount than the default rate. 
 70 (d) If a deferred compensation plan includes an automatic 
 71 enrollment arrangement, the plan must provide for a default 
 72 investment into which contributions must be placed in the 
 73 absence of an election from the government employ