Florida SB 7010: OGSR/Payment Instrument Transaction Information/Office of Financial Regulation

Bill Text

7010 
Roth Contribution Plans in Deferred Compensation Programs 
2025-12-03T10:14:49Z 
Authorizing the state deferred compensation plan and any deferred compensation plan offered by a county, a municipality, or other political subdivision, or a county constitutional officer, to offer a qualified Roth contribution program; ratifying the actions of the Chief Financial Officer which permitted contributions to a qualified Roth contribution program under the state’s deferred compensation plan; providing for retroactive application, etc. 
Original Filed Version 
2026 
S 
GB 
General Bill 
__ 

 Florida Senate - 2026 SB 7010 

 By the Committee on Governmental Oversight and Accountability 

 585-01710-26 20267010__ 
 1 A bill to be entitled 
 2 An act relating to Roth contribution plans in deferred 
 3 compensation programs; amending s. 112.215, F.S.; 
 4 authorizing the state deferred compensation plan and 
 5 any deferred compensation plan offered by a county, a 
 6 municipality, or other political subdivision, or a 
 7 county constitutional officer, to offer a qualified 
 8 Roth contribution program; repealing s. 71 of chapter 
 9 2025-199, Laws of Florida, relating to employee 
 10 contributions to the state deferred compensation plan; 
 11 ratifying the actions of the Chief Financial Officer 
 12 which permitted contributions to a qualified Roth 
 13 contribution program under the state’s deferred 
 14 compensation plan; providing for retroactive 
 15 application; providing an effective date. 
 16 
 17 Be It Enacted by the Legislature of the State of Florida: 
 18 
 19 Section 1. Subsection (15) is added to section 112.215, 
 20 Florida Statutes, to read: 
 21 112.215 Government employees; deferred compensation 
 22 program.— 
 23 (15) Notwithstanding the requirements in paragraphs (6)(a) 
 24 and (b) that deferred compensation not be included in the 
 25 employee’s taxable income until actually received by the 
 26 employee under the terms of the plan, a deferred compensation 
 27 plan established pursuant to this section may offer to all 
 28 eligible employees a qualified Roth contribution program in 
 29 accordance with s. 402A of the Internal Revenue Code. 
 30 Section 2. Section 71 of chapter 2025-199, Laws of Florida, 
 31 is repealed. 
 32 Section 3. The Legislature hereby ratifies the actions of 
 33 the Chief Financial Officer which permitted, for purposes of the 
 34 state deferred compensation plan established pursuant to s. 
 35 112.215, Florida Statutes, contributions to a qualified Roth 
 36 contribution program in accordance with section 402A of the 
 37 Internal Revenue Code beginning July 1, 2024. 
 38 Section 4. This act shall operate retroactively to January 
 39 1, 2026. 
 40 Section 5. This act shall take effect upon becoming a law.